Silicon Valley based four year old venture capital firm Social+Capital Partnership plans to invest over $1 billion in India by 2025 in sectors such as energy, power and agriculture. The firm was founded by Chamath Palihapitiya, who served as VP of Facebook and was responsible for user growth from 2007 to 2011.
Social+Capital Partnership was the lead investor in Prime Venture Partners, a seed fund based out of India which was previously known as AngelPrime. The firm also led a Rs 150 crore round in mobile payments firm Ezetap and Palihapitiya became the chairman of the payment solutions startup.
Talking about the investment strategy that the firm will adopt in India, Chamath said,” We have decided we should not be investing in Indian versions of American companies.”
Social+Capital Partnership has invested in more than 80 companies in the US and has had over a dozen big exits, including Survey Monkey. It recently raised $600 million. Palihapitiya said the VC firm has earned 40-60 per cent return for its investors.
Palihapitiya also believes in companies dealing in financial services such as Ezetap, and considers it as a priority sector for future investments in India.
“We love financial services. I would like to invest in businesses that can get to a billion users. I got Facebook to (a) billion users,” he added.Category Investments