Aujas Networks-backer IDG Ventures India is on the road to raising a $150 million second India fund, more than five years after it raised its first fund here of similar size. The Bangalore-based venture capital firm is in the process of fund raising and the proposed new fund will continue with the mandate of investing in early stage technology ventures, say to various media reports quoting Ranjith Menon, the firm’s vice president. Menon, however, did not disclose the size of the fund.
The firm’s first fund has invested in 20-odd companies so far and is one of the few venture capital investors here with a strong focus on technology startups, particularly product startups. Some of the notable investments from its existing portfolio include digital security startup Aujas, medical devices company Perfint Healthcare, mobile video delivery platform Apalya Technologies and fashion and lifestyle ecommerce company Myntra Design.
Overall, the firm’s preferred sectors of investments include Internet, mobile, software and software-as-a-service, enterprise services and medical devices. Backed by the $6.8-billion IDG Ventures, the venture capital investment arm of US-based technology research giant IDG, the India team is helmed by former Walden International India chief Sudhir Sethi, Manik Arora and TC Meenakshisundaram. The firm has not exited any investments from Fund I yet.
Indian venture capital firms have done reasonably well on the fundraising trail this year, despite a continuing global downturn in fundraising in the asset class. Earlier, Kalaari Capital (formerly known as IndoUS Venture Partners) raised its $150 million second India fund, Nexus Venture Partners raised its third India fund with a $270 million corpus and Mumbai-based KAE Capital raised a $25 million debut fund.
Image credit: IDG Ventures India. Free image credit: FreeDigitalPhotos.net