Persistent Systems-backer Norwest Venture Partners (NVP) has had a busy 2012 dealmaking globally and in India. It closed the year with 30 venture and growth deals, the firm has disclosed in its 2012 investments roundup. Eight out of those 30 deals or 26.6 per cent were in India. Overall, the firm, which completed 50 years of investing in 2011, now has an active portfolio of 100 companies globally. NVP has invested in a total of 24 companies in India since it started investing here earlier in the last decade. The firm is also wasting no time getting started with dealmaking here in the current year. Since January it has invested in the healthcare and financial services sectors, deploying $4.1 million in Mumbai-based radiology diagnostics company Nueclear Healthcare and participating in a $56.1 million second round of funding in Ratnakar Bank.
The Palo Alto, California-based venture capital investor was among the earlier Silicon Valley based firms to start investing here as part of the ongoing second coming of venture capital in India. It opened its account with Pune-based outsourced software product development company Persistent Systems, investing $13.8 million as part of a $18.8 million round in 2005 (it is currently exiting this investment). The balance $5 million was brought in by Gabriel Ventures. Its second deal in India was a seed stage deal in 2006 when it participated in a $5 million round in travel portal Yatra Online with Reliance Venture Asset Management and TV18.
The initial inclination towards a multi-stage investment strategy was formalized later in 2008 when the firm added a dedicated growth stage investment team here under the leadership of former Goldman Sachs executive director Sohil Chand. The early stage investment activities here are headed by for former eBay executive Niren Shah. The overall India operations overseen by the firm’s senior managing partner Promod Haque. Growth deals are likely to see an increased focus globally for the firm this year. In 2012, the firm boosted its US growth equity team to 13 investment professionals and its it global growth equity team to 19, it said in its annual roundup.
In terms of sectors spread across the 30 deals it completed last year, the mix includes cloud, ecommerce, Big Data, SaaS, heathcare IT, consumer and enabling technology sectors. This has more or less also been reflected in the India portfolio from last year. In December, it invested $6 million in Attune Technologies, which makes software solutions to manage patient data workflows. In February, it participated in a $15 million Series C round in Bangalore-based analytics company Manthan Systems. In September, it closed a $4.47 million Series A round in Bangalore-based primary healthcare chain NationWide and the same month it participated in a $15.5 million Series A round in Capillary Technologies, which develops cloud-based software solutions for the retail sector. Other deals from the year, both venture and growth, include classifieds site Quikr, ad network Komli, Appnomic Systems and Thyrocare.
NVP is currently investing in India out of the $1.2 billion Norwest Venture Partners XI fund, raised in 2009. It currently manages more than $3.7 billion in capital globally.
Images credit: Norwest Venture Partners