When Sandeep Singhal, director, Nexus India Capital, sent across a list of deals from the firm’s first fund, I was taken aback. The $100 million fund, which completed fund-raising in July 2007 — see press release — has done 13 deals and is now fully committed. Yes, that is very fast work. Nexus actually started investing a little before it formally completed fundraising — its first deal was Mobile2Win in January 2007. Still, 13 deals in 18 months is an uncommonly rapid deal run (I thought Helion Venture Partners was the only one in a tearing hurry to close deals). Nexus’ investors seem to think that the firm is doing just fine and have just backed a second fund that is more than double the corpus of the first — $220 million (press release). I met with the firm’s affable founder team or rather more than half of the three-member founder team — Naren Gupta and Singhal — last evening to chat about the new fund and entrepreneurship in India. Suvir Sujan, the third founder, could not make it. Edited excerpts from the interview:
What is the final portfolio looking like for Fund I?
Singhal: Fund I is now fully committed. We’ve done 13 investments from it and will probably do two more to complete investments from the fund. On an average, we would end up investing/committing $6-8 million per company.