Tech-focused Panthera Growth Partners marks first close of $250 mn second fund

Tech-focused growth investment firm Panthera Growth Partners (PGP) announced the first close of its second fund on June 28 at a time when global tech investors are significantly reducing their exposure to high-growth companies after some venture capitalists reported record losses.

The company said it has secured commitments for over 50 percent of the $250 million fundraise target, without divulging specific details.

The Singapore-based company expects to secure the total funding by the end of this fiscal year.  The fund will offer up to 100% of fund commitments in co-investment opportunities.

An average of $20 million will be invested in 10-12 portfolio companies across India and Southeast Asia.

Panthera Growth Partners was founded in 2021 by Shilpa Kulkarni. Fund I raised $84 million from global institutional investors, which was largely deployed across companies such as BigBasket, Pepperfry, Zivame, OfBusiness, and so on.

“We are a growth equity investor focused on revenue-generating enterprises that are building scalable businesses having achieved product-market-fit. At Panthera, we believe that operating thought partners are as just as important as capital at this growth stage,” said Kulkarni, who is also managing partner of Panthera Growth Fund.

Backed by institutional investors from India, the EU, and US, Fund II said it seeks to fund next-generation consumption and enterprise services businesses with vast growth potential. The fund added it plans to invest the capital in companies that have achieved product-market fit and are seeking to accelerate market growth.

These developments come at a time when tech investors including Japan's SoftBank Group and New York's Tiger Global were significantly reducing their exposure to high-growth companies after the two venture capital firms reported record losses.

The slowdown began with fears of an escalating war between Russia and Ukraine earlier this year, where a lot of investment funds lost money with a crash in global stock markets, oil prices, and the crypto market.