Mayfield Fund has raised $111 for its first India-focused private equity fund, having previously invested in the country from its $375 million global fund.
Mayfield India Fund I will make expansion stage investments in profitable companies, Vikram Godse, an India-based managing director at Mayfield, said in an interview. He added that the fund will invest between $5 million and $15 million in companies with revenues ranging from $5 million to $50 million.
“We will invest in companies with proven business models, companies that have proven products or services in the market and companies with a proven market base,” Godse said.
Mayfield Fund I will target consumer-oriented businesses such as specialty retail, infrastructure ancillaries as well what Godse described as “globally competetive” businesses in industries including IT.
The India fund has to date invested in Genesis Colours, a designer label owner; Geodesic Techniques, which provides specialised steel design and construction services; and PayMate, an electronics payment solutions company.
The firm has made four other investments in India from Mayfield XII, a $375 million global fund. In September this year, the firm closed Mayfield XIII on $395 million.
Established in 1969, Mayfield Fund has raised 13 funds and has invested in more than 470 companies.