Exclusive: India's Nexus Venture Partners is in advanced talks to raise a $700 million fund, the second-biggest such pool to be garnered in the country in the past year, to invest in domestic and U.S.-based technology firms
The planned fund raising, which one of the sources said will close within two months, is an indication that investors may be starting to get more comfortable with Indian technology company valuations after the poor market performance in 2022 of some high-flying startups and amid a global tech sector rout.
Founded in 2006, Nexus was one of the first Indian venture capital firms to invest in U.S. and India-based software startups. The new fund will be its seventh so far and take the firm's assets under management to more than $2 billion. Nexus will invest the new funds - which will be the biggest raised in India after Sequoia's $2.85 billion fund in mid-2022 - in early stage funding rounds of Indian internet and technology startups, as well as U.S.-based software firms, the sources said.
And Nexus is betting that India - where internet and mobile phone usage is rising rapidly - will remain a long-term, attractive bet for investors of its new fund, one of the sources said.
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