Foxhog Ventures Corp, a US-India venture capital fund, is in talks with GGV Capital to raise $63 million, Tarun Poddar, India head and Managing Director, has said.
The round would value Foxhog Ventures — set up in March 2020 to help SMEs in India — at its highest before considering the new capital. The funding is unlikely to be completed within the next couple of months.
Already, Foxhog Ventures is backed by Tiger Global as one of its marquee investors, according to Poddar.
GGV Capital is a global venture capital firm that invests in seed-to-growth stage investments across Consumer/New Retail, Social/Internet, Enterprise/Cloud and Smart Tech sectors. The firm was established in 2000 in Singapore and Silicon Valley, and manages $9.2 billion in capital across 17 funds.
Poddar said he wants to position Foxhog Ventures as Rural India-focused Venture Capital Fund and has already set up 22 micro branches in rural India to help SMEs involved in agriculture and allied activities. He made it clear that Foxhog is not into lending in rural India but was engaged in investments in various small and medium ventures.
Foxhog, which has recently opened a branch in Frankfurt, Germany, is also in talks with a Germany-based hedge fund to raise capital, Poddar said. He, however, declined to name the Hedge Fund.