Financial Daily from THE HINDU group of publications
Tuesday, Jul 20, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 20, 2004 |
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Info-Tech
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Venture Capital Nokia venture capital firm opens office here — Pune start-up gets $10-m investment Our Bureau
New Delhi , July 19 FINNISH telecom major Nokia has set up office of its venture capital firm, Nokia Venture Partners, in New Delhi. The venture capital firm, with a global fund of $650 million, invests in early-stage technology companies. The company has already invested $10 million in a Pune-based start-up Nevis Networks, which develops enterprise security solutions. Nokia is the largest shareholder of the venture capital firm and has others including Goldman Sachs as investors. "This office opening highlights the importance of the growing Indian market and Nokia Venture Partners' commitment to it. India is known for its vast pool of entrepreneurial talent and we hope to continue investing in emerging Indian companies," said Mr John Malloy of Nokia Venture Partners. Mr Sujit Banerjee will lead Nokia Venture Partners' India operations. "India is an untapped resource for quality venture deals, and is also an ideal outsourcing alternative for many of our portfolio companies to leverage its IT services and business process outsourcing sectors. I am looking forward to helping current and future portfolio companies establish business opportunities in the large and fast growing Indian market," Mr Banerjee said. Nokia Venture Partners will also work closely with Nokia Networks India to enhance value to the operators' business through the introduction of many Nokia Venture Partners portfolio companies around the world, a press statement said. Nokia Venture Partners has funded more than 40 companies in the mobile infrastructure, components, software, applications and services sectors. Portfolio companies originate from the US, the UK, Germany, Finland, Iceland, India, Israel, and South Korea. The company is headquartered in Menlo Park, California. Launched in 1998, Nokia Venture Partners has offices in Washington DC, London, Helsinki, Hertzelia, Seoul, Hong Kong and Tokyo.
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