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India-focused VC firm Leo Capital looks to more than double AUM with $125m-targeting third fund

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Early stage venture fund Leo Capital is planning to launch a third fund which could more than double the firm’s capital under management.

India-focused Leo is eyeing $125m for the new vehicle next year. The firm has previously collected $106m across two funds.

Investors in the firm include fellow VC house Cendana Capital.

Leo said India presents a huge potential as it is set to receive a record $35bn in venture funding from global investors. Since 2014 more than 6,500 Indian startups have raised over $81bn in funding, including 66 that are in the unicorn club of $1bn businesses.

Rajul Garg, managing partner at Leo Capital, said, “Having been a founder several times over, I know first hand the opportunity and challenges startups face. As a team we’re well versed on the early stage signals that matter and are able to quickly engage in opportunities and be the first to write seed stage cheques for these businesses which we know have the right team and plan to scale.

“We pride ourselves on our track record of having helped build category leading technology companies multiple times.”

“It’s our approach that drew global investors into our first two funds and we quickly became a beacon for investors in the US, Europe and Japan when they first started to internationalise their venture investments. We have feet on the ground and courtesy of our long careers here we are very familiar with the ecosystem”.

Leo Capital was established in 2017 by Pine Lab founder Rajul Garg and investment veteran Shwetank Verma. It raised $106m in previous funds that focus on technology centric opportunities in India and Southeast Asia.

The firm focuses on two investment themes namely technology-based India domestic consumption startups and global technology companies from India.

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