American VC firm Lightspeed launches SEA operations

American VC firm Lightspeed Venture Partners said it will deploy capital from the US$4 billion it recently raised for its global funds to expand into Southeast Asia.

Lightspeed Southeast Asia partner Akshay Bhushan / Photo Credit: Lightspeed Venture Partners

Headquartered in Singapore, Lightspeed Southeast Asia will look for opportunities within the region’s enterprise and consumer sectors, according to a statement. It aims to follow up on Lightspeed’s previous investments in the region, including those in ride-hailing major Grab, social commerce platform Chilibeli, and marketplace app Ula.

The new arm’s founding team includes a mix of operating and investing experts from regional unicorns and multinational firms.

Lightspeed Southeast Asia’s partners are Akshay Bhushan, a founding member of Flipkart’s corporate development team, and Bejul Somaia, a VC veteran from Lightspeed India. The team also includes early Grab member Pinn Lawjindakul as vice president and consumer and retail expert Marsha Sugana as senior investment associate.

“We believe [Southeast Asia’s] startup ecosystem will significantly expand in the near future and we are excited to partner with entrepreneurs as they build and scale disruptive companies,” said Bhushan.

Since 2000, Lightspeed has been supporting bold startups from inception, with over 70% of its investments put into early-stage firms. It has helped build out over 300 companies worldwide, including Snap, GrubHub, and Nest.

In August this year, Lightspeed India raised US$275 million for its third Indian fund, its biggest so far in the country. Its portfolio companies include edtech startup Byju’s, hotel chain Oyo, B2B commerce platform Udaan, and conversational AI startup Yellow Messenger.

The company said it plans to continue this strategy in Southeast Asia, particularly in the region’s commerce, fintech, and edtech sectors, among others.

Lightspeed also said it saw rapid digitization across industries and categories amid the Covid-19 pandemic.

“These tailwinds are enabling strong founders to create new categories and business models. Lightspeed is committed to backing founders across the region who are building a new future on the back of technology-led disruption,” the company said.