Mumbai: India-focused venture fund Helion Venture Partners today announced the closing of its second fund of $210 million. With this the total funds raised by Helion for investing in companies has gone up from $140 million to $350 million.

Helion also announced that it would now expand its focus sectors to include high-potential consumer services companies as well in sectors such as retail, education and financial services.
 
"What is heartening is the fact that while all the original investors have invested again in Helion's second fund, the fund has also attracted new high quality investors from the US, Europe and Asia," said. Sanjeev Aggarwal, managing director, Helion Venture Partners Pvt. Ltd. "This reflects growing global investor confidence in both Helion and the India growth story."
 
Since its launch in 2006, Helion has invested in 11 companies including JiGrahak, makemytrip.com, UnitedLex, Gridstone, Anantara, Zmanda, Kirusa, Komli, Hurix, Amba Research and Mindworks Global Media Service. 

The financier says it has received nearly 1,000 proposals across sectors.
 
"The rise of entrepreneurial activity within fast growing domestic consumption-led sectors makes a compelling investment proposition for Helion," says another Helion managing director, Kanwaljit Singh. "This is set to increase even further as sound policy initiatives and technological advancements make it possible for more Indians to partake in India's growth."
 
With an estimated 10-fold increase in the middle-class population and three-fold rise in household income, aggregate consumer spending in India is likely to more than quadruple from around $428.69 billion in 2005 to $1.76 trillion in 2025.

A McKinsey Global Institute study says India is likely to leap-frog from being the 12th largest consumer market in the world to become the fifth largest consumer market in the world.
 
"Helion will continue its focus on technology-powered businesses even as we expand our focus into consumer services," says said Ashish Gupta, also managing director.  "Factors like the rapid increase in mobile and internet penetration in India are further paving the way for innovative technology products and services that to cater to the domestic market In addition, Domain focused outsourcing and technology products continue to be focus sectors."

Helion is a multi-stage, India-focused venture fund with $350 million under management. The fund invests in businesses that are either technology-powered or catering to the Indian consumer services space. The focus sectors of investment include - outsourcing, internet, mobile, technology products, retail services, education and financial services. The fund's investors are well-respected Global institutions including top tier University endowment funds, foundations and family offices.