Fractal Growth Partners plans to invest $250 million in Indian technology businesses
As per to those with knowledge of the situation, two former fund managers from KKR & Co. and British International Investment Plc plan to raise up to $250 million to invest in technology-focused businesses in India.
Ajay Candade, who most recently oversaw KKR's growth tech business in India, and Nikhil Balaraman, who was formerly in charge of BII's South Asia tech investment, co-founded the new venture capital fund, Fractal Growth Partners. According to one of the persons who asked to remain anonymous since the information is private, FGP will attempt to scale up businesses that have advanced past the seed investment stage. According to the source, the company would also invest in business-to-business firms and software as a service providers.
According to one estimate, Bengaluru, a startup powerhouse, attracts venture capital investment at a quicker rate than either London or San Francisco, making India one of the countries with the fastest-growing IT sectors in the world. In November, Warburg Pincus Chief Executive Officer Chip Kaye cited sectors including e-pharmacy and digital consumables as reasons why India is currently the most optimistic investment destination.
Said one of the persons, FGP is now financing $200 million to $250 million and has already drawn several domestic and foreign investors. Candade participated in KKR's purchase of shares in EuroKids International Pvt. Ltd. and Avendus Capital Ltd., providers of educational services. Bigbasket, the biggest online supermarket in India, was the focus of Balaraman's investment for BII.
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