Norwest Venture Partners, which has funded more than 600 companies since inception, is an aggressive investor in India. Its major investments in India include Cholamandalam Finance, IndusInd Bank, Duroflex, Kotak Mahindra Bank, Mensa, SK Finance, XpressBee, NSE, Pepperfry, Quikr, Thyrocare, Swiggy and RBL Bank.
Norwest will continue to employ a multi-stage, multi-sector approach to investing in leadership teams capable of building paradigm-shifting businesses across consumer, enterprise and healthcare sectors, added the statement.
“With the launch of NVP XVI, Norwest will continue to increase its commitment to India,” said Niren Shah, Managing Director and the Head of Norwest India. “We are looking forward to partnering with the next group of innovative founders in technology, fintech, healthcare and consumer sector.”
“We will continue to focus on late stage venture and growth equity investments. In addition, we have also started focusing on early to mid stage investments in India,” Shah added.
Since its last $2 billion fund closed in November 2019, Norwest has made new investments in more than 60 companies, including Classy, Dave, Devoro Medical, Fabric, Faire, ICON, Qualified, UPSIDE Foods and VanMoof.
-
“ETtech is a sharply-focused lens that brings alive India’s tech businesses & dynamic world of startups”
Kunal Bahl, Co-Founder & CEO, Snapdeal
-
“I read ETtech for in-depth stories on technology companies”
Ritesh Agarwal, Founder & CEO, Oyo
-
“I read ETtech to understand trends & the larger India technology space, everyday”
Deepinder Goyal, Co-founder & CEO, Zomato
Over the same period, the Norwest team worked closely with 29 portfolio companies to achieve significant liquidity events such as Indian portfolios – Five Star Business Finance, Kotak Mahindra Bank, NSE and Swiggy.
NVP made exits in India through the IPOs of Persistent systems, RBL Bank, Snowman Logistics, Yatra, Chola Finance, Thyrocare. It had also had significant exits in Elastic run, Zenoti, Capillary.
“We are excited to formalize our dedication to backing companies that also care about environmental and social sustainability with the introduction of an ESG policy in parallel with our continued commitment to diversity, equity and inclusion (DEI),” said Sonya Brown, general partner of Norwest.
Norwest currently partners with more than 200 companies in its venture and growth equity portfolio. The firm invests in early to late-stage businesses across a range of sectors with a focus on consumer, enterprise, and healthcare. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel.
