RTP Global, an early-stage venture capital firm which has backed companies like Cred, Rebel Foods, DeHaat, Delivery Hero, Practo and Mobile Premier League, among others, has floated a fourth vehicle.
The sector-agnostic fund, with a corpus of $1 billion (Rs 8,204 crore), will aim to invest in 20 Indian startups with a primary focus on seed and Series A rounds.
It will be deployed across North America, Europe, India, and Southeast Asia, with a particular emphasis on sectors such as artificial intelligence, enterprise software, fintech, and e-commerce, among others.
Out of the $1 billion fund, $660 million has been earmarked for RTP Global's early-stage investment strategy, while $340 million will provide follow-on funding to 'breakout' portfolio companies that have received funding from this vehicle.
This fund represents a significant increase of over 50% compared to RTP Global's previous fund, which concluded in 2020. RTP Global's previous investments from Fund III include companies like Yonder and Fintecture in Europe, DoControl and TealBook in the US and GoKwik in Asia.
Since then, the firm has expanded its presence with offices in London, Paris, Amsterdam, New York City, Dubai and Bengaluru.
Galina Chifina, managing partner - Asia at RTP Global, stated that they are actively exploring potential partnerships with a specific focus on seed and Series A investments. India has been a key focus for RTP Global since its inception in 2011, and they plan to make approximately 20 investments in the country, continuing to support ambitious founders, she added.
Regarding investment sizes, Chifina mentioned that in India, RTP typically invests between $1-10 million, depending on individual deals.
The current fund will follow similar strategies to Funds II and III.
Commenting on the current market conditions, Chifina stated that the ecosystem is maturing, and RTP Global remains open to helping its portfolio founders. In terms of sector focus, they aim to remain agnostic, although the recent shift towards electric vehicles (EVs) has been an interesting space to watch, particularly in India.
Originally known as ru-Net, RTP Global rebranded itself in late 2018 to reflect the success of its US-based arm RTP.vc and its evolution into a global venture capital firm.
Founded in 2000, the VC firm's first investment was in Yandex, now one of Russia's largest IT companies and the owner of a popular search engine.
The launch of RTP Global's new fund brings positive news for startups in the country, especially amidst concerns of a funding slowdown due to the economic downturn.