Mint reports this morning (surprisingly in its news briefs section) that Erasmic Venture Fund, a Bangalore-based seed fund that counts search giant Google among its investors, is merging (read: has been acquired) with Palo Alto-based Accel Partners, an investor in Facebook among several other technology-related companies. There is no official release up yet on either firm’s websites — update: official release — but the details of the merger, according to the Mint report, are as follows:
- The new entity is being called Accel India Venture Fund.
- Will raise a $60 million fund this quarter; invest in seed-to-early stage technology and non-technology companies.
- Erasmic’s four-member team stays on as fund managers.
Build, Operate, Transfer
The Sequoia Capital-WestBridge Capital Partners merger in May 2006 comes up as instant recall. It was the first acquisition of an Indian venture capital firm by a larger Silicon Valley entity but, the parallel ends there. The Accel-Erasmic merger, from the information available, looks like a portfolio buyout and little else.