Just months after spinning out from Sequoia Capital India, private equity firm WestBridge Capital Partners has reportedly garnered $200 million in commitments from “a range of global bluechip limited partners”.
It is unclear when a final close is expected. However, WestBridge is likely to obtain $500 million in commitments by the end of this year, according to a report from India's Business Standard, citing unidentified industry sources.
Westbridge Capital could not be reached for comment by press time.
Sequoia gained greater access to India when it merged with Bangalore-based WestBridge Capital to establish Sequoia Capital India in 2006. Prior to the merger, Sequoia and WestBridge had consorted on several deals including the acquisition of a 15 percent stake in internet portal IndiaTimes.com for $36 million. That transaction saw them stave off competition from London-listed private equity firm 3i, which set up an office in Mumbai in March 2005. In February, Sequoia announced that managing directors Sumir Chadha, KP Balaraj, SK Jain and Sandeep Singhal were leaving to re-establish WestBridge.
Chadha and Balaraj founded WestBridge in 2000. They were joined in their efforts the following year by Jain and Singhal.
In 2005, WestBridge closed its second fund with $200 million of commitments, bringing its total assets under management then to $350 million. According to media reports, up to $60 million of WestBridge Ventures II remain uninvested.