WestBridge Capital raises $1.5Bn

Marquee investment fund WestBridge Capital has raised $1.5 billion to invest in Indian companies. The newest fund will be WestBridge Capital’s largest-ever fund for India-focused companies. The funds raised will be a part of its crossover fund.

The capital will be used to invest in segments such as consumer technology, SaaS and fintech, among others, signifying optimism in the region. Westbridge has backed as many as eight unicorns to date and counts 19 soonicorns or startups valued between $500 million and $900 million on its portfolio.

WestBridge Capital had merged with Sequoia Capital in 2006 to form a joint venture - Sequoia Capital India. After the merger with Sequoia Capital, the private equity firm raised three funds and had assets under management of as much as $1.8 billion till 2011.

In 2011, the company’s founding managing left Sequoia Capital India to revive Westbridge Capital. Since then, the company has invested in a number of Indian listed companies, stepping up its startup play in the last few years. Westbridge Capital’s total portfolio includes as many as 132 companies to date, out of which 104 startups are India-based companies.

The company has also invested in listed companies like Axis Bank, Dr Lal Path Labs, Havells, Mindtree, and Indigo Airlines among others. In 2022 alone, Westbridge has participated in unicorn rounds of as many as three startups - PhysicsWallah, Leadersquared and LEAD.