New Delhi, Jan. 13 -- Lightspeed India Partners, an early backer of firms such as Oyo and Razorpay, plans to raise its next India and Southeast Asia-focused fund in 2026, even as its initial public offering (IPO) exit pipeline begins to open up, two people with direct knowledge of the development told Mint.

Portfolio companies including Oyo, Zepto, Zetwerk, Udaan and Acko are in various stages of preparing to go public, creating a potential liquidity pipeline for the venture capital firm. Lightspeed is also a backer of Physics Wallah, but did not sell any stake in its recent IPO, as investors increasingly cut back on offer-for-sale components.

The Silicon Valley-headquartered firm had raised $500 million to invest in startups across Ind...