Mumbai: Hyderabad-based private equity firm Peepul Capital Llc. has raised $214 million (Rs866.7 crore) in its second fund.
The firm, formerly known as iLabs Management Llc., has invested close to $11 million from the new fund in two Indian companies—agro
product retailer Viswas Business Synergies Ltd and pharmacy retail chain MedPlus Health Services Pvt. Ltd, both based in Hyderabad.
Marching ahead: The company is looking to invest in logistics and specialised companies.
With the second fund, the firm, co-founded by former Satyam Computer Services Ltd chief operating officer Srini Raju, has raised an aggregate of $325 million.
Its first fund, raised in 2000 with a $111 million corpus, has backed 13 companies. The fund is now fully invested.
Peepul specializes in investments in sectors such as technology, consumer services, media and entertainment, but is looking to diversify beyond these domains into investments in specialized manufacturing and logistics companies.
“We want to be more broadbased in our investment approach,” says Sandeep Reddy, managing director, Peepul Capital.
The fund would steer clear of sectors such as real estate and infrastructure, he added.
Peepul typically invests $5 –$30 million in a company. Its second fund will be deployed over a course of 10 years. Investments from the first fund have been in companies such as Internet portal and services company Sify Ltd and insurance company Metlife India Insurance Co. Pvt. Ltd.
The company has exited its investments in Sify, media group Indo-Asian News Service (IANS), and mobile commerce company Cibernet Corp.
Peepul’s initial interest in Wi-Fi did not pan out, Reddy added.