Chinese early and growth stage venture capital firm Shunwei Capital has raised around ₹8,800 crore ($1.21 billion) for its sixth global fund. The latest fund is one of the largest for the firm, taking its total assets under management to $3 billion.
The fund is of particular significance for India, considering the firm has been actively increasing the investments and the size of its investments in India.
Shuwnwei Capital was founded by Xiaomi founder Lei Jun and Tuck Lei Koh in 2011. The firm has been an active investor in the Chinese startups, it started making smaller investments in India. The firm has started to ramp up its investments in India lately, leading some big rounds.
In China, the firm continues to focus on the mobile internet, consumer IoT, smart manufacturing, deep technology and rural internet domains.
While the portion of the fund earmarked for India remains undisclosed, Tuck Lye Koh, Co-founder and CEO of Shunwei Capital, said, “India is an important market for us outside China… and we will continue to deploy capital proactively. We like business models that are highly scalable and light, ideally with low touch on offline infrastructure.”
Over the last two years, Shunwei Capital has made 16 investments in India from seed to series C startups, across domains like social media, content and transaction-driven fintech models.
Last month, it was reported that used car marketplace Truebil raised an additional ₹15 crore in a round led by Inventus Capital Partners, along with participation from Shunwei Capital, Kae Capital, and Tekton Ventures.
Earlier in September, Shunwei Capital lead a ₹720 crore funding round in vernacular social networking startup ShareChat. It also led a ₹36 crore series A round in microlending startup Upwards.
With the improvement in India’s ease of doing business rankings, the confidence of the investors in the Indian startup ecosystem is expected to increase further.