Norwest raises $3 billion global fund
Norwest Venture Partners backed by US financial giant Wells Fargo has raised its 17th global fund of $3 billion, the Menlo Park, US-based firm said Thursday.
The early-to-mid-stage investor that has backed 700 companies globally focuses on three major markets — USA, Israel and India. It has $15.5 billion of assets under management.
«India will get a lot of attention from the firm,» said Niren Shah, Norwest Venture Partners' managing director and head of India, in a conversation with ET after the announcement.
Shah highlighted that Norwest had been present in India for two decades. Its range of investments spans across sectors such as healthcare, IT services, financial services and consumer.
«We have been deploying $250-300 million per year in India. We expect to continue to deploy that amount going forward,» he said.
The new global fund has a lifecycle of ten years which means theoretically the entire fund could be deployed in India given the pace at which his firm has been making investments in this market.
Some of Norwest Venture Partners investments in India include Swiggy, Yatra, Five Star Finance, Amagi Media Labs, Mensa Brands, Off Business and Regency Healthcare. In all it has investments in 26 companies in India of which 20 are profitable, according to Shah, a chartered accountant and former investment banker. He is with the firm since 2007.
The firm also boasts 8 unicorns or companies with valuations in excess of $1 billion in its portfolio.
Norwest Venture Partners will invest between $30-100
