We present a feature vector formation technique for documents - Sparse Composite Document Vector (SCDV) - which overcomes several shortcomings of the current distributional paragraph vector representations that are widely used for text representation. In SCDV, word embeddings are clustered to capture multiple semantic contexts in which words occur. They are then chained together to form document topic-vectors that can express complex, multi-topic documents. Through extensive experiments on multi-class and multi-label classification tasks, we outperform the previous state-of-the-art method, NTSG. We also show that SCDV embeddings perform well on heterogeneous tasks like Topic Coherence, context-sensitive Learning and Information Retrieval. Moreover, we achieve a significant reduction in training and prediction times compared to other representation methods. SCDV achieves best of both worlds - better performance with lower time and space complexity.