India’s first Growth Stage Fintech Fund backed Niyo & Progcap alongside marquee domestic & global investors in 2022.
New Delhi: Beams Fintech Fund, a leading Fintech focussed Growth Stage Fund, will complete the calendar year 2022 on a high, having its portfolio companies raised more than $150 Mn at a combined valuation of over $1 bn.
Beams Fintech Fund achieved its first close in March 2022 at $36 Mn corpus & made two investments during the year. Beams has now crossed over 50% of its target corpus raise of $120 Mn and is in the advance stages of making 3 more investments.
Founded by Fintech veteran SagarAgarvwal&Navin Surya and Founders of Venture Catalysts – Anuj Golecha, Dr Apoorva Ranjan Sharma, Anil Jain, and Gaurav Jain, Beams primarily invests in Series B & C rounds of Companies operating at the intersection of financial services and technology.
In a year when most Fintech companies struggled to raise capital, both Beams portfolio companies saw newer rounds from marquee investors. Multiples Private Equity invested in Niyo while Beams invested alongside Google and Tiger in Progcap.
Beams has built a team of 8 investment professionals and more than 10 mentors, advisors, and CXOs to help build the portfolio for Beams and create tangible value add for portfolio companies.
Beams has also brought marquee Financial Institutions as LPs in the Fund, including Yes Bank, Infibeams, Capri Global, ECG, etc., to cross-pollinate with its portfolio companies.
The founder community appreciates beams for its strategy of identifying key gaps in the portfolio companies’ accessibility and providing the same in partnership with its LPs. Similar to Canapi Ventures in the US, Beams will be building the largest ecosystem of banks, NBFIs, Insurance Companies and DFIs within India & Outside to create value for its companies.
Beams portfolio companies also created a significant impact in 2022. Our Portfolio companies provided access to financial services to over 5 Million Consumers, SMEs and MSMEs with over $1 Billion in loans financed and enabled annualized payments of over $1.5 Billion for the underserved and blue-collar workers.
During 2022, Beams has been recognized as one of the unique upcoming investors in the Indian Fintech space, which led to Beams being invited to multiple Global and Pan India Events. Beams was part of the Global Fintech Fest 2022, India’s largest Fintech event. Beams was also a part of the Global LP/GP Event, super returns at Amsterdam, Singapore and Dubai. Our Managing Partner, Sagar Agarwal, was invited to share his views on Growth stage Fintech Investments in India.
“2022 has been an eventful year at Beams. As a relatively new platform in the ecosystem, creating a category focussed fund can be interesting at times, especially in a year marked by high inflation, geopolitical tensions and a cool-off of the tech ecosystem. However, we have been very fortunate to have such high-quality investors support us. We have achieved more than what we had set out to at the start of the year and are proud to be regarded as India’s first Growth Stage focussed Fintech Fund,” said Sagar Agarvwal, Co-founder and Managing Partner, Beam Fintech Fund
“CY ’23 looks even more promising & positive for us as markets have corrected significantly both in private and the public space allowing us to invest with high-quality teams and businesses at more attractive prices, and our existing portfolio companies are already performing phenomenally well. We expect to close the fund out at a target raise & deploy more than $60-70 mn in CY ’23. We follow a thesis-driven approach towards investments & have narrowed down on the following themes for CY ’23: Embedded Finance/Managed Marketplaces, SAAS Platforms for Banks/FIs, SAAS Platforms for Enterprises, Global Enterprises SAAS, Open Banking & Digital Financial Inclusion,” said Navin Surya, Co-founder & Operating Partner, Beam Fintech Fund
