Swiggy’s backer Norwest launches $3 Bn funds; will continue to invest across early-to-late-stage companies
- ByStartupStory | December 15, 2021
Norwest Venture Partners, which has invested in companies such as Swiggy and Mensa Brands, has closed a global $3 billion fund and will continue to focus on early-to-late-stage deals albeit at a higher ticket size especially in India.
“India has come of age in terms of technology investing and we are now where China was about 8-9 years ago. China went on to create a multi-trillion market cap in the new-age economy. Of course, the Indian GDP per capita is lower, but in the next 8-10 years we will produce some very large companies from India. We are also seeing that the quality of founders in the ecosystem has become fantastic. The inflection point in the market and quality of founders are going to create very large outcomes for Indian companies and founders,” Niren Shah, managing director and head of India
We are finding that the ticket size of deals on average are also trending upwards and in line with that we are continuing to expect higher ticket sizes of investments in India,” he added.
NVP XVI, the new fund, brings the firm’s total capital under management to $12.5 billion. Norwest had last raised Norwest Venture Partners XV, LP, a $2 billion fund in 2019.
Since its last fund closed, it has made new investments in more than 60 companies.
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