If it is a very strong shift, investment firms have to inform their limited partners. When SAIF started doing Series C investments, we informed our limited partners of the shift.
Who said it: Mukul Singhal, Principal, SAIF Advisors (New Delhi)
In Context: India’s resurgent ecommerce and tech startup scene is attracting big name investors, but the economics and competitive environment is causing some of them to switch sectors and stages. Temasek, the Sovereign Wealth Fund has traditionally invested listed companies and of the biggest PE investments was Temasek’s USD2 billion investment in Indian telecoms provider Bharti Airtel. It also acquired InnoVen Capital India, a venture debt firm. Sequoia Capital India had no seed investments in its Indian portfolio in 2010, but this year it seeded two startups and has made 5 Series A deals this year. Accel’s Indian team also upped its early stage investment in the past few years, while Tiger Global became an active Series A investor this year, leading five rounds of Series A financing. Singhal whose company shifted from early stage into later rounds (we assume to avoid being diluted), says the shift in investment strategy requires the approval of limited partners.
Where we found it: Financial Express