Good companies always on the right side of regulations: Lightspeed MD
Paytm by the central bank. The listed fintech behemoth is in the eye of a storm due to its poor governance standards. Having spent 20 years as an investment banker, Bhargava joined Lightspeed in 2021.
The firm invests from its early-stage and growth funds in companies in India and Southeast Asia. It also backs consumer, business-to-business (B2B), edtech and enterprise tech firms. Within edtech, Lightspeed was an early backer of Byju’s, the edtech firm that is caught in a slug fest with its investors and lenders.
Though Lightspeed has already cashed out of the company and now holds less than a 1% stake, it continues to believe in the sector. “We are yet to take a call on whether we will subscribe to the rights issue or not. Our stake in the company is minuscule," Bhargava said, when asked about the proposed rights issue by Byju’s parent Think & Learn Pvt.
Ltd at a valuation of just $20 million, or 0.1% of its peak valuation of$22 billion in 2021. Lightspeed, which is among the few global venture capital firms investing in the Indian market, is bullish about its growth prospects. In 2022, it reached the hard cap of $500 million for Lightspeed India IV fund, signifying the maximum amount raised.
This India-focused fund is integral to its global fund totalling $7 billion, dedicated to back both early and growth-stage entrepreneurs. It has invested $1.5-1.6 billion in venture and growth-stage firms in India, including Oyo, Udaan, Sharechat, the Indian Energy Exchange, Acko, Darwinbox, Globalbees, InnovAccer, OkCredit, Apna, Pocket FM, Teachmint and Zetwerk, among others. In the past one year, it has struck 18 new deals in India, deploying over $250 million (across stages), including follow-on investments in 8-10 firms.
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