Lightspeed Venture Partners is targeting $250 million for Lightspeed India Partners V, its fifth India-focused fund, as it concentrates early-stage investments on artificial intelligence across India and Southeast Asia. The vehicle is half the size of the $500 million fund raised in 2022, which has already committed 80% of its capital. Earlier Indian media reports had put the target at $300 million to $350 million. Lightspeed plans to begin investing within two months, with a deployment period of roughly two and a half years, while completing final investments from its existing fund. The firm is also moving its India fundraising cycle into alignment with its global funds for the first time. Lightspeed has backed Indian AI company Sarvam AI and global AI companies including Anthropic, xAI and Databricks. Its broader India portfolio spans Zepto, Pocket FM, Snabbit, SolarSquare and enterprise software companies. The new vehicle is part of a global platform managing more than $65 billion, while Lightspeed’s dedicated India and Southeast Asia funds have deployed roughly $900 million and its global funds another $1.6 billion in regional portfolio companies.