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Quona Capital raising $150-200 mn emerging market fund

26 March, 2018

Venture capital firm Quona Capital, which is investing out of its second fund for emerging markets, including India, has hit the road for a new fund, a financial daily reported.

According to The Economic Times, Quona Capital aims to raise $150-200 million for its third fund. Ganesh Rengaswamy, founding partner at the venture capital firm, told the daily that it plans to raise 50-60% of the targeted corpus by June this year.

An email sent to Quona did not elicit any response till the time of publishing this article.

The proposed size of the new fund is higher than the $141 million Quona had raised in its second outing – the Accion Frontier Inclusion Fund, which is anchored by global impact investor Accion International.

Quona Capital was earlier called the Frontier Investment Group, which was part of Accion. It is now a separate entity.

Accion will remain the anchor investor in the new fund and most of its existing investors have expressed interest to double down their investments.

The second fund’s investors include International Finance Corporation, AXA Impact Fund, Blue Haven Initiative, Calvert Equity Portfolio, Dalio Foundation, Heifer Foundation, IDP Foundation, JPMorgan Chase & Co, Mastercard, MetLife, PG Impact Investments and Prudential Financial Inc, among others.

The typical ticket size of the fund will be between $3 million and $5 million per portfolio firm, and it could go up to $15 million with follow-on investments. It will focus on Series A and Series B investments.

The new fund will continue to focus on fintech, but it also plans to broaden its theme by investing in sectors that can leverage fintech to solve everyday problems.

Quona Capital has made 13 investments across Africa, Brazil, Mexico, Southeast Asia and India, through its second fund.

In India, it has made four bets, including non-banking financial company NeoGrowth Credit Pvt. Ltd, online credit management startup CreditMantri Finserve Pvt. Ltd, online B2B platform for small and medium businesses IndiaMART InterMESH Ltd, and wealth management app Fisdom.

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Quona Capital raising $150-200 mn emerging market fund

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