Madison India Capital garners $230-mn from fourth fund

Private equity firm Madison India Capital today said it has raised USD 230 million (Rs 1,480 crore) from its fourth fund.
The firm has also inducted Shailesh Mehta as Operating Partner. Mehta serves on several boards of companies including Safari Industries and Manappuram Finance, Madison said in a statement.
Mehta was formerly the CEO of Providian, one of the top ten credit card issuers at its peak in the United States. He had also served on the boards of PayPal and Mastercard.
"Madison India Capital has closed on approximately USD 230 million for its fourth fund - Madison India Opportunities IV," the private equity firm said.

Madison has been an active investor in India and has also made investments in Korea as well as Singapore. The fund is backed by global institutional investors including the US financial institutions, banks and pension funds.
It typically invests USD 5-30 million in a company in four key sectors - consumer, business services, technology and financial services.
Some of the firm's investments include Indian Energy Exchange, UnitedLex, Micromax, Coupang, Pipetel and India Shelter Finance.