Singapore’s Dragon Fund expects India to become its largest market
Subscribe to enjoy similar stories. Bengaluru: Dragon Fund, which has backed prominent Indian startups including Meesho and Zepto, will ramp up its pace of investments in India and is likely to deploy more than half of its $500 million global fund it raised in 2023 by the end of this year, a top executive told Mint. “India will undoubtedly be one of our largest markets.
We are significantly ramping up our investment activity from our current fund and we hope to maintain the same pace where we do at least one to two deals every quarter and India is going to be a very big part of it," Dragon Fund’s chief investment officer Ridhi Chaudhary told Mint in an interview. Backed by Japan’s largest bank Mitsubishi UFJ Financial Group (MUFG), Dragon Fund is the equity financing arm of Mars Growth Capital, which has launched several debt funds. The investment firm is also in talks to raise its next fund with a larger corpus size.
Other global investors including Pantheon and Harbour Vest have also expressed optimism about ramping up investments in India, joining a growing line of investment firms turning their attention to the country owing to its robust economic prospects. Earlier this year, the two investment firms anchored private equity firm Chrys Capital’s $700-million continuation fund alongside a third investor, LGT Capital Partners. Meanwhile, Dragon’s current fund, which has a global mandate, has a steady pipeline of investable companies in areas such as Southeast Asia, Australia and New Zealand.
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