Bangalore-based IDG Ventures India, the technology-focused early stage venture capital firm backed by technology research firm IDG, is raising its second India fund. Dubbed the IDG Ventures India Fund II, the proposed new fund has a target corpus of $175 million, according to a filing with the SEC. It started investing from its debut India fund in 2006 with a $150 million corpus.
Founded by former Walden International India chief Sudhir Sethi, with Manik Arora and TC Meenakshisundaram, the firm typically looks to invest between $1 million and $10 million at the early and expansion stages in technology and technology enabled ventures. Its sectors of interest include digital consumer (Internet, mobile, media), enterprise software (SaaS, software products) and engineering (medical devices, cleantech and IP-led businesses).
Fund I has invested in 20 companies (see portfolio above). Some of the notable companies from the portfolio include information risk management solutions firm Aujas Networks, elearning company iProf, ecommerce firm Myntra and medical devices company Perfint. IDG Ventures India is part of the $6 billion IDG Ventures, a global network of technology venture funds with over 200 investee companies and 10 offices across Asia and North America. IDG Ventures is the venture capital investment arm of the US-based IDG.
In 2012, an estimated $3 billion was raised in India-dedicated capital by 48 private equity funds (including venture capital funds), according to the VCCedge 2013 Annual Deal Report. Out of the 48 that raised commitments last year, 23 were early stage or venture capital funds, according to the report. Read more about some of those funds.
Image credit: IDG Ventures India