Jungle Ventures raises $225 million to invest in India, Southeast Asia startups
Jungle Ventures raised $225 million in the first close of its fourth fund, as the VC firm looks to replicate its startup success in Southeast Asia and India.
In an interview, founding partner Amit Anand said that many of the previous fund's existing investors backed the new one. Temasek Holdings Pte, International Financing Corporation, and DEG, a German development finance agency, are among them. The new fund is expected to be $350 million in size.
In Southeast Asia and India, where the tech industry is booming, there has been a rush of fundraising operations and initial public offerings. Jungle Ventures has grown to become one of the fastest-growing local VC companies in the city-state, with assets under management of almost $600 million since opening its first early-stage fund in 2012.
Anand said, "We've coined two unicorns this year where we were seed-to-IPO investors." “We have created a franchise that will repeat quarter after quarter, which distinguishes us from one-hit-wonder venture capitalists.”
Jungle Ventures, based in Singapore, was an early and constant supporter of both Kredivo, which grew to become Indonesia's largest consumer lending app, and Moglix, a business-to-business e-commerce platform. FinAccel, Kredivo's parent company, agreed to go public in the United States in August through a combination with a blank-check firm valued at $2.5 billion.
Other notable Jungle Ventures investments include Livspace, a home-interior platform, Sociolla, a beauty e-commerce operator, and Pomelo, a Southeast Asian women's apparel shop.