Technology-focused private equity firm Zodius Capital Advisors has raised Rs 700 crore ($110 million) to invest in early-stage internet and technology companies. The investment firm has closed the first tranche of its $500 million fundraising in partnership with Avendus Capital.
It will invest Rs 75-100 crore each in 8-10 enterprise software and consumer technology companies by the end of this year. The investment firm also plans to raise a second tranche by the end of this year or early next year, according to a report by The Economic Times.
Zodius Capital is promoted by Neeraj Bhargava, former CEO of business process outsourcing firm WNS Global Services, along with Gautam Patel and Shilpa Kulkarni. Bhargava, who co-founded WNS in 2002, led the BPO firm for a US listing. He was also the first investor in Deep Kalra founded-MakeMyTrip, the first Indian internet company to have gone public in the US.
In April last year, Zodius Capital had partnered with Avendus to raise $500 million across three funds to invest in firms in the high growth digital and SMAC (Social, Mobile, Analytics and Cloud) based business services. This fund (named Zodius Capital II) was a follow-up to the previous fund Zodius Capital I, which focused on early-stage investments and build-outs in the technology sector.
In March this year, Zodius Capital led an Rs 100 crore ($16 million) Series C round in Mumbai-based mobile application development and distribution company AppsDaily Solutions Pvt Ltd. The company also invested about $30 million along with Helion Venture Partners in online grocery startup BigBasket in September last year. Besides, it made an investment of $3.5 million in Mumbai-based Culture Machine Media Pvt Ltd, a startup that creates digital video programmes for 'the internet generation' last year. Its other portfolio companies include Group FMG, ZyFin, Antuit and Enki Professional.
Avendus, a leading mid-market investment banking firm, also has a separate alternative asset management unit.