Private equity firm Crossover raises $200 mn

Private equity firm Crossover raises $200 mn


New Delhi: Private equity firm Crossover has raised $200 million (Rs 800 crore) for investments in financial services and IT sectors.

“We have raised the fund from four overseas investors. It will be invested in the next 4-5 years," Crossover CEO and Partner Vinnie Vyas told PTI. Crossover is being promoted by Ajay Mehta of Deepak Fertilizers.

The fund, to be invested in the unlisted entities, has been raised from New York-based Quatum, Evergreen of Switzerland, VGD of Belgium and Invest Club of Singapore.

Crossover aims closure of at least two investments by the end of current fiscal in the financial services space and another investment in a start-up.

To begin with, the firm would make an investment of $30-35 million in the financial services space and another up to $7 million in start-ups, he said. The firm would intend to pick up strategic stake in companies.

The firm will make 3-4 investments each year with clear intent of having a board seat in the company and investment horizon would be 4-5 years, he said.

According to an estimate, private equity investment in the country is expected to touch $13.5 billion this year, making India one of the top seven recipients of such funding in the world. So far, the country has already received $5.9 billion.

There are more than 366 private equity firms operating in India while another 69 are planning to start their operations soon, a study by research firm Evalueserve has said.