Playbook Partners secures $130m for tech growth fund

Playbook Partners, a growth capital firm in India, has announced the first close of its fund raising, having secured over USD $130 million within a span of four months.

The funds were garnered from global investors based in Singapore, Europe, the United States, the Middle East, and India. Should the interest from institutional investors continue, the fund may be expanded up to USD $250 million through the use of a green shoe option.

The firm, founded and led by Vikas Choudhury, focuses on partnering with growth-stage, tech-enabled businesses in large markets that display significant scale, strong operating margins, and high growth potential. Choudhury, a seasoned professional, has previously held leadership positions at multinational companies such as Reliance Jio and Aimia Inc. His investment portfolio comprises 10 unicorns, initial public offerings (IPOs), and notable exits, including companies like inMobi, Myntra, Fractal, Nazara, PolicyBazaar, and Rapido.

In a statement, Vikas Choudhury elaborated on the firm's vision: "Powered by a 5x growth in the digital economy to over USD $1 trillion, India will account for over 15% of the entire global economic growth over the next decade. Our purpose is to fuel India's aspirational growth and transformation at scale."

"Our playbook isn't just to fund, but to forge - capital, relationships, and strategic insight - necessary for visionary companies to master the art of scale, and institutionalise their leadership position. Our global investors' trust and momentum is an endorsement of our differentiated strategy and its alignment with the market opportunity."

Playbook is identified as an operator-driven firm, benefitting from a leadership team with extensive experience in building and scaling large businesses.

This includes notable names such as Manish Choksi from Asian Paints, Aakash Chaudhry from Aakash Education, and Milan Sheth, formerly of Automation Anywhere, who have all joined either through their family offices or in their personal capacity. The firm aims to leverage this deep operational expertise to provide a competitive edge in growth investing and value creation for digital businesses across India.

Choudhury's statement drew attention to the firm's understanding of market dynamics across various sectors and life cycles, which he believes positions Playbook uniquely in the investment landscape.

"Our deep, localised understanding across markets, sectors and life cycles - as operators, advisors and investors - brings a compelling edge to growth investing and value creation for digital India," he said.

Playbook's senior investment team includes experts Dushyant Singh, formerly of McKinsey & Company, and Sumit Jain, with previous stints at Sistema Asia Capital and Kalaari Capital.

The advisory board boasts eminent leaders like Naveen Tewari from inMobi, Nitish Mittersain from Nazara, Sushil Jiwarajka from Ericsson, Dileep Choksi, formerly of Deloitte, and Priti Rathi Gupta from Anand Rathi Group, all contributing their extensive experience and expertise.

The firm's strategy is centred on enabling digital transformation through targeted investing in sectors such as distribution, disruption, consumption, and innovation, aligning with India's growing aspirations.