The other QED announced this week that it will deploy a further $300M into India’s startup ecosystem over the next few years ⤵️
This other QED is a global FinTech investment powerhouse - started in 2007 by Capital One’s founder Nigel Morris. Nigel’s company has a $70bn MCap in USA and he started QED Investors with a humble $30M Fund I (mostly his own money)
Nigel team up with his former Capital One colleagues Frank Rotman and Caribou Honig to begin investing.
QED Investors global track record is insane (28 unicorns in 200 investments) 🤯
(1) Led the Series A in Nov ‘09 for Credit Karma at a $14M valuation — the business was acquired for $7bn by Intiut in 2020
(2) Invested in the Series A → Series E of Nubank ($60bn MCap today)
(3) Led Series A for Remitly ($4.3bn MCap today)
(4) Growth investor in SoFi ($14.5bn MCap)
From a $30M Fund I - they have scaled to $925M for their 2023 fund ($650M for Venture and $275M for Growth) — with $4bn in AUM committed by LPs.
QED entered India in 2020 as part of their global expansion strategy (LATAM in ‘14, Europe in ‘15 etc) by hiring Sandeep Patil (head of APAC investing for QED).
They have deployed $220M+ in APAC companies so far, notable Indian investments include:
(a) Jupiter* — Co-led $86M Series C round
(b) FPL Technologies (OneCard)* — led $76M Series B round
(c) Refyne India — led $16M Series A | co-invested in $82M Series B
➡️They’re one of the interesting sector focused firms which does both Early stage ($3M to $20M) and Growth ($30M to $50M) stage cheques in all geographies including India!
startups india fintech
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