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Lightspeed targets $250M for new India fund, focusing on early-stage AI

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Lightspeed targets $250M for new India fund, focusing on early-stage AI

Lightspeed is sharpening its India strategy around AI, targeting $250 million for a new early-stage fund as the venture firm bets the technology will drive the next wave of startups in one of the world’s largest markets.

The Silicon Valley venture firm is already a major investor in AI companies including Anthropic, xAI, and Databricks. In India, it has backed Sarvam AI, one of the country’s leading large language model developers and a startup selected by the Indian government to help develop sovereign AI models.

The new fund, Lightspeed India Partners V, will be half the size of its $500 million predecessor, raised in 2022, and has already secured commitments for 80% of its $250 million target, according to a letter sent to investors on Thursday and seen by TechCrunch.

In late April, Lightspeed disclosed the new fund in a U.S. regulatory filing, though the filing did not specify its target size. Indian media had previously reported that the firm was looking to raise between $300 million and $350 million for the vehicle.

Lightspeed plans to begin investing from the new fund within two months and has designed it around an investment period of roughly two and a half years, per the letter. Until then, it will continue making its final investments from the existing fund.

Starting with the new fund, Lightspeed is also moving its India funds onto the same fundraising cycle as its global funds for the first time, per the investor letter.



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