Hero Choudhary

Singapore-based venture capital firm Beenext said on Tuesday that it has promoted Hero Choudhary as managing partner.

Choudhary’s promotion is part of the firm’s regional plan to enhance support to its portfolio firms and help them scale their business, Beenext said in a statement.

Choudhary’s promotion comes just a year after he joined Beenext as partner in February 2020, according to his LinkedIn profile.

Prior to joining Beenext, Choudhary had co-founded Ulloo, an e-commerce company focused on personalization. Choudhary, an IIT Bombay graduate, had previously worked at J. Goldman & Co. and UBS O’Connor.

Beenext also promoted Faiz Rahman as its new partner for Indonesia investments. Rahman had joined Beenext in 2018.

Since its inception in 2015, Beenext has invested in more than 80 companies in India.

Last month, VCCircle reported that Beenext invested in a Bengaluru-headquartered startup that helps companies create customised search engines for their websites.

Beenext’s portfolio firms include payments infrastructure platform YAP, fleet analytics startup Fleetx, logistics tech startup Loadshare, device management platform Servify, fintech firm Cube Wealth and account automation company Open.

Last year, Beenext made the final close of its third India and Southeast Asia-focused fund at $110 million (about Rs 800 crore) as compared with the target of $100 million (about Rs 730 crore).

The India and Southeast Asia-focused fund aims to invest about 50% of the raised amount in Indian startups.

The venture capital firm had closed its debut fund at $80 million (about Rs 580 crore) and its second investment vehicle at $95 million (about Rs 690 crore).

In an interaction with VCCircle last year, Teruhide Sato, founder and CEO of Beenext, had said that the firm expects to maintain its pace of backing one startup a month on average despite the pandemic.

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