Frontier Tech Capital Targets $150 Million Fund to Back Southeast Asia Scale-Ups

Frontier Tech Capital, a new private equity platform, is aiming to raise $150 million for its first fund to back growth-stage tech and tech-enabled companies across Southeast Asia. The firm has already secured close to half of its target from investors in Singapore, Japan, and the UAE, highlighting growing international interest in the region’s scale-up market.

The fund was founded by Pawan Gandhi, who started IoT company KaHa before it was acquired by boAt in 2022, former Citi executive Brijesh Pande, and Razat Gaurav, CEO of the US-based software firm Planview. To strengthen its India operations, Frontier has also brought on board Manoj Kohli, the former head of SoftBank India, highlighting the firm’s strategy of combining international experience with local market insight.

Focus on Scale-Ups, Not Early-Stage Bets
Unlike traditional early-stage VCs, Frontier Tech targets companies generating at least $50 million in annual revenue with clear paths to profitability. The fund plans to invest in 10–15 companies with initial cheques of around $10 million each, focusing on sectors including manufacturing technology, agritech, and creative industries like gaming and animation. An eight-year fund horizon allows for patient capital deployment and long-term regional expansion.

A Strategic Shift in the Southeast Asia PE Market
The firm’s approach reflects a broader shift in the region’s private capital landscape. After a period of uneven fundraising and exit markets, investors are increasingly favouring growth-stage opportunities where business fundamentals are clearer and exit options — such as trade sales or strategic consolidations — can be planned. Frontier’s strategy positions it to fill the gap between early-stage VC and full buyouts, a space gaining attention from both regional and international investors.

Country-Specific Sector Focus
Frontier is targeting regions and sectors with distinct strengths. In India, agritech startups stand out for their profitability-focused models and potential to transform rural economies. Vietnam has developed capabilities in manufacturing technology and operational efficiency, while Thailand shows strong growth in creative industries such as gaming and animation. Frontier’s thesis focuses on backing companies that are leaders at home but require growth capital and strategic guidance to scale regionally.

Operational Support Beyond Capital
The firm is establishing local teams and networks in key Southeast Asian markets to provide market access, operational expertise, and strategic guidance. According to Gandhi, Frontier aims to be more than a financier — acting as a bridge for cross-border expansion and helping local champions build regional leadership. Manoj Kohli’s role leading India operations underscores the fund’s commitment to hands-on support for portfolio companies.

Challenges and Opportunities Ahead
Despite a clear strategy, Frontier faces challenges typical for growth-stage investing in the region. Competition for mature scale-ups is intensifying as global PE players, regional buyout funds, and corporate investors hunt similar targets. Exit windows remain uneven, and cross-border scaling carries currency, regulatory, and operational risks. For founders, this means demonstrating revenue quality, scalable operations, and readiness for regional expansion is essential to secure investment.

Positioning as a Regional Growth Partner
Frontier Tech’s maiden fund positions the platform as a strategic partner for scale-ups ready for their next growth phase. By combining international investor backing, local operational networks, and experienced leadership, the fund aims to help Southeast Asian companies transition from national leaders to regional players, reflecting the maturing private equity ecosystem in the region.