Mayfield Fund, which has been investing in India from its global fund, has announced its first ever India-focused venture capital fund with a corpus of $110 million. This fund will be invested by the firm's Mumbai office, which has two managing directors Nikhil Khattau and Vikram Godse.
In an interview to VCCircle, Nikhil Khattau, Managing Director, Mayfield, said that the fund will provide expansion capital to companies in three main sectors - consumer, infrastructure ancillary, and tech and tech-enabled sectors.
Khattau said the fund will invest in companies which have revenues ranging from $5-50 million. The investment ticket size will be $5-15 million. Mayfield has already invested about $16-17 million in three companies from the new fund. They are Geodesic Techniques, Paymate, and Genesis Colors. The other portfolio companies include Tejas Netowrks, Consim Info, Servomax, and IL&FS Investsmart. Mayfield is also a limited partner in Seedfund, which is an early stage investment fund.
Khattau said each partner will target two deals a year. The firm is unlikely to look at PIPE deals although there is no restriction in doing the deal, Khattau said.
Mayfield finished raising its thirteenth fund in September this year. It raised $395 million, above its target of $375 million. This fund is dedicated to investments in the US. Besides India, Mayfield has an international presence in China. It has over $2.8 billion under management and has invested in more than 470 companies.