The funding includes $450 million in the main Fund IV and $150 million in additional managed commitments, one of the largest pools of capital available in the region, a senior company executive told ET.
The fund – which has backed companies such as Livspace, Moglix, and CityMall – has total assets under management (AUM) of over $1 billion.
The fund, which set out to raise $350 million, was oversubscribed and exercised the green shoe option of raising more capital.
“Around $450 million has come in to be invested in new companies and $150 million will go towards follow-on investments in backing a winner portfolio,” said Amit Anand, founding partner, Jungle Ventures.
Anand said the firm’s existing backers had doubled down on their investments by chipping in almost 50% of the new fund, while the remaining came from a new set of investors, including Mizuho Bank, StepStone Capital, sovereign wealth funds and global family offices.
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Some of its existing investors include Temasek, IFC, FMO, and DEG.
“India is likely to contribute 50% of the deal flow,” Anand said, adding that in its last vintage fund, around 35% of the capital flowed into India.
Founded in 2012 by Anand and Anurag Srivastava, Jungle Ventures launched with a $10 million debut fund. It then went on to raise a $240 million third fund in 2019, which has been fully deployed.
“We expect to deploy the new fund over the next 2-2.5 years. We will look to back around 15-18 companies. A larger fund helps us support our portfolio companies with more capital across multiple rounds,” he said.
It has already invested 10% of the capital in six companies from the new fund.
These include, Timo (Vietnam’s first and leading digital bank), Sleek (Singapore-based back-office operating system for startups and SMEs), Atomberg (a D2C consumer electronics brand in India), Medici (healthcare and insurance platform in Vietnam), Desty (Indonesia-based social commerce enablement platform), Eveworld (Web3.0 based social-crypto-community platform for women), Mio (social commerce platform in Vietnam), and inFeedo (an employee experience SaaS platform helping global companies manage team culture and retention).
Some of its previous portfolio companies include Kredivo, Livspace and Moglix, BetterPlace, CityMall, LeapFinance, Turtlemint among others.
Global funds such as Sequoia, Lightspeed Venture Partners,
, and Venturi recently raised local funds to back Indian and Southeast Asian companies.
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