Helion Venture Partners raise $140m India technology fund

Helion Venture Partners has raised $140 million for its debut India-focused venture fund from which it has made a $2.2 million investment in a software company.

Helion Venture Partners, an India-based venture capital manager, has raised $140 million for a debut fund to provide capital to technology companies.

Investors in the fund included Ivy League university endowment funds and internet entrepreneurs, the firm said.

Ashish Gupta, one of Helion’s three managing directors and formerly a partner at Woodside Fund, a Silicon Valley VC that focuses on early stage companies, said: “Technology-powered sectors, like outsourcing, internet, mobile services and IP-based products, are growing at five times the rate of the Indian gross domestic product.”

He said the firm’s experience of having steered “disruptive” technologies and companies in this sector makes it confident of being able to add meaningful insights and value to entrepreneurs.

In its first deal, Helion has invested $2.2 million in JiGrahak Mobility Solutions, a software company that has developed a commercial application enabling mobile phone users to buy airline tickets or to pay their utility bills.

Helion has two other managing directors: Sanjeev Aggarwal and Kanwaljit Singh.

Kanwaljit was formerly a director and co-head of The Carlyle Group’s India venture operations. Sanjeev Aggarwal was the founder and chief executive officer of Daksh, an Indian call centre that was acquired by IBM in 2004.