The new venture capital fund, Fractal Growth Partners, was co-founded by Ajay Candade, who until recently led KKR’s growth tech business in India, and Nikhil Balaraman, who was previously head of South Asia tech investment at BII.
FGP will look to scale up companies that have moved past the seed funding phase. The firm will also invest in software as a service and business-to-business companies.
A pair of former fund managers from KKR & Co. and British International Investment Plc aims to raise as much as $250 million to invest in technology-focused startups in India, according to sources.
The new venture capital fund, Fractal Growth Partners, was co-founded by Ajay Candade, who until recently led KKR’s growth tech business in India, and Nikhil Balaraman, who was previously head of South Asia tech investment at BII. FGP will look to scale up companies that have moved past the seed funding phase. The firm will also invest in software as a service and business-to-business companies.
India has one of the world’s fastest-growing tech industries, with startup hub Bengaluru drawing venture capital investment at a faster pace than London or San Francisco, by one estimate. Warburg Pincus Chief Executive Officer Chip Kaye described India in November as the most optimistic place for investments today, citing areas such as digital consumables and e-pharmacy.
FGP is in the process of raising between $200 million and $250 million and has already attracted some domestic and overseas investors.
