The Hindu Business Line : Draper plans to float India-specific fund

DRAPER Fisher Jurvetson (DFJ), a $3-billion venture fund from the US, is planning an India-specific fund with investments size ranging between $100-200 million.

To be spread over the next four years, the fund will support start-ups and new ideas in the technology arena, according to Mr Tim Draper, Founder and Managing Director.

Mr Draper told newspersons that DFJ will also open a couple of offices in India.

The first of these would be in Hyderabad and started soon. The idea is to have a closer association with Indian entrepreneurs and nurture new ideas, he added.

DFJ is already funding Karorpathi, an enterprise from Bangalore in the area of entertainment, to the tune of Rs 10 crore; Picture Real is another venture from Mumbai where it has funded up to $2 million so far and another is Indus Logic, he said.

Mr Draper, who was here in connection with the launch of the first India Venture Challenge in association with TiE (The Indus Entrepreneurs), said that DFJ has funded about 60 ideas in the Silicon Valley, mostly of Indians there. His most celebrated success has been Sabeer Bhatia's Hotmail.

The India Venture Challenge will be a business plan competition at the national level in India. TiE's regional centres in New Delhi, Mumbai, Hyderabad, and Bangalore will co-ordinate the contest, according to Mr Sridhar Iyengar, President, TiE Inc.

The deadline for submission of business plans - open to students, entrepreneurs, etc., - for the regional round would be December 3.

Selected entries would be given feedback to improve their plans before competing for the final round scheduled for February 2006, he said.

DFJ has agreed to reward the winner with a seed financing of $100,000 to build their business.Technology would be the focus of the business plan competition.

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