New Delhi, May 11 -- LC Nueva Investment Partners, a joint platform backed by global investment institution Lighthouse Canton and Delhi-based Nueva Capital, has completed the final close of its follow-on investment vehicle, LC Nueva Momentum Fund 1.
The fund has raised around Rs 150 crore ($15.7 million), taking the firm's total capital raised and deployed across its flagship LC Nueva AIF and the momentum strategy to more than Rs 500 crore. The Momentum Fund was launched after LC Nueva AIF, the firm's first flagship fund, closed at around Rs 350 crore in 2023.
While the earlier fund invested across a broader set of early and growth-stage startups, the new vehicle has been structured as a concentrated follow-on strategy aimed at backing the best-performing companies from the existing portfolio.
LC Nueva Momentum Fund 1 has already invested in 11 companies and is focussed on businesses with "demonstrated execution capabilities and scalable models." The fund is also evaluating secondary opportunities in high-quality startups at what it described as attractive entry valuations.
"The LC Nueva Momentum Fund 1 enables us to double down on top-performing companies while selectively accessing secondary opportunities at attractive valuations," said Sohil Chand, founding partner and chief investment officer at LC Nueva AIF. He added that the firm is already tracking a strong multiple on invested capital (MOIC) on concluded investments from the fund's first year of deployment.
LC Nueva's broader portfolio includes startups across fintech, consumer, consumer tech, and B2B segments, including Grip Invest, Internshala, RecurClub, Redcliffe Diagnostics, Rusk Media and Bimapay.
Meanwhile, the firm also elevated Karan Gala to partner. Gala has been associated with the platform since its inception and has led investments across financial services, consumer, and B2B sectors. In the past, he has had roles at several investment firms, including TVS Capital Funds, Axis Capital, and Edelweiss Financial Services.
Lighthouse Canton, which manages over $5 billion in assets globally across wealth and asset management businesses, said the successful closure of the momentum fund marks a deeper expansion of its India strategy.
Published by HT Digital Content Services with permission from VC Circle.