Udaan, Vedantu backer GGV raises $2.5 bn across four latest funds

Venture capital firm GGV Capital has raised $2.52 billion (around Rs 18,418.7 crore) across four vehicles to invest in companies and entrepreneurs across different stages.

GGV Capital VIII will invest in companies across all stages of growth while GGV Capital VIII Plus will target the former’s portfolio companies that show potential to become category leaders. 

GGV Discovery III will focus on early growth stage firms. And GGV Capital VIII Entrepreneurs Fund will invest alongside the other vehicles with a focus on building the firm’s entrepreneur network.

GGV Capital VIII and GGV Capital VIII Plus have a corpus of $1.46 billion and $366 million, respectively. GGV Discovery III and GGV Capital VIII Entrepreneurs Fund have a corpus of $610 million and $80 million, respectively.

The firm did not disclose the Limited Partners (LPs) for these funds.

The managing partners for these new funds are Jixun Foo, Jenny Lee, Hans Tung, Glenn Solomon, Jeff Richards, and Eric Xu. 

The vehicles will continue GGV’s strategy of multi-stage and sector-focused investments. GGV’s three core sectors are: social and internet, enterprise technology, and smart technology.

In India, GGV has invested in at least five companies: SME-focused Khatabook, gold loan platform Rupeek, insurance-technology startup Turtlemint, business-to-business marketplace Udaan, and edtech firm Vedantu.

Interestingly, each of these companies has raised capital in the past year, with Udaan being the latest. Earlier this month, it secured $280 million (around Rs 2,045 crore) from firms including GGV, Octahedron Capital, Moonstone Capital, Lightspeed, and DST Global.

Turtlemint raised $30 million (Rs 223 crore) in November, while Vedantu raised $100 million (Rs 752 crore) in a Series D round in July. Khatabook secured $60 million (around Rs 454 crore) in May, and Rupeek raised a similar amount in February.