Playbook Partners to invest $20 million each in 12-15 startups in the next two years

Growth capital firm Playbook Partners plans to invest up to $20 million (about Rs 175 crore) each in around 12 to 15 companies over the next two years.

Founder and Managing Partner Vikas Choudhury said the firm is looking at businesses that have crossed Rs 100 crore in turnover and have the potential to scale quickly with additional support and expertise.

Established portfolio and global reach

Playbook Partners has already backed well-known companies such as Myntra, PolicyBazaar, InMobi, Nazara Technologies, Rapido and Renee.

It has also made international investments in firms like SpaceX and Stripe. Choudhury, a former Jio president, said commitments to three more companies are close to finalization and will be announced in the next quarter.

Choudhury has personally invested in about 75 to 80 companies, 10 of which have become unicorns. He expects another 10 to achieve similar success, including Cure Foods, Capillary, UltraHuman, GoKwik, FarMart, Jupiter and JAR.

Focus on growth capital

Choudhury explained that Playbook Partners positions itself differently from typical venture capital firms, which often invest early and hold their positions for 10 to 12 years.

He described the firm’s approach as growth capital, where it reinvests in businesses that have already established a product, market and customer base. Playbook Partners aims to help these companies reach their next phase of growth within three to five years.

Choudhury said they look for opportunities where the total addressable market is sizable, the profit and loss statement shows healthy revenues and margins, and there is a strong technological or market tailwind. He emphasized the importance of revenue streams that are repeatable and scalable, along with high gross margins and minimal concentration risk on the cost side.

India’s digital surge

According to Choudhury, India is at the start of a digital explosion. With changing consumer behavior and the rise of micro businesses, he believes there is a vast chance for new-age goods, products and services to emerge from startups at affordable prices. These offerings, he said, can then be exported globally.

Notably, Playbook Partners intends to deploy more than $1 billion into the Indian tech growth ecosystem in the coming years.