Helion Venture Partners, an early-to-mid-stage venture capital firm, has raised over $255 million for its third fund, taking its assets under management to $605 million. Helion Venture Partners III has raised $255.25 million, according to a filing with the Securities and Exchange Commission.
VCCircle first reported on February 14 that Helion Venture Partners III had raised $219 million and could be looking to make a final close at around $250 million. It had raised $140 million for its first fund in 2006, followed by another $210 million in March 2008.
The new fund would probably make Helion Venture Partners the largest venture capital firm in India in terms of assets under management. The Bangalore and Delhi-based VC has investments in nearly three dozen startups, which includes NASDAQ-listed MakeMyTrip and legal process outsourcing firm UnitedLex BPO.
Other large venture capital firms in the country include Matrix Partners India ($600 million across two funds), Nexus Venture Partners ($320 million across two funds), Sequoia Capital India ($300 million in one fund) and Accel ($225 million across three funds), among others.
Helion said in a statement that investors in the fund included top tier university endowment funds, sovereign funds, foundations, pension funds, family offices and fund of funds. It also includes LPs (Limited Partners) across all key geographies, with a noted rise in interest from Asian investors.
“We are very pleased to note that in addition to the existing investors, Helion also has some high quality new investors, particularly from Asia and Europe. This reflects the growing confidence of global investor in both Helion and the India growth story,” said Sanjeev Aggarwal, senior managing director at Helion Advisors.
The new fund will continue with early-to-mid-stage focus on technology innovation and consumer demand-driven businesses. Helion Venture Partners III will look at deal sizes between $2 million and $10 million and with an investment horizon of 5-7 years. The focus sectors of investment include the Internet, mobile, technology products, outsourcing, healthcare, education, retail services and financial services.
“For the third fund, we will continue to look at exciting technology-powered startups across sectors including the Internet, mobile and technology products, and also selective exposure to the consumer services space," said Ashish Gupta, senior managing director at Helion Advisors.
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