The Hindu Business Line : World Bank aid for IndiaCo

INDIACO, a private investment firm that supports technology based ventures in the software, biotech, nanotech and energy sectors, has received final approval for funding by the World Bank, under the latter' InfoDev Programme - part of a $800,000-programme to improve and enhance the performance of the firm's incubation and innovation centre here.

IndiaCo has a portfolio of over 40 companies, ranging from small two-person start-ups to 200-person operations listed on the Bombay Stock Exchange.

The two-year programme approved by the World Bank will allow the firm to strengthen its existing operations, develop its national and international network further and improve infrastructure and facilities at its innovation centre.

The World Bank will contribute $400,000 in cash, while IndiaCo will invest the remainder.

Founded in May 2000, IndiaCo is structured like a venture fund but operates on "holistic principles of innovation creation", according to a press release.

The firm claims that it has pioneered the concept of product-oriented technology companies in India by establishing the country's first true technology and business incubation centre in Pune. It operates a series of innovation clusters, called `IndiaCo innovation Centers', where some of its portfolio companies are physically housed and provided with hands-on support and mentorship.

IndiaCo receives support from the Maharashtra Government.

According to Mr Rahul Patwardhan, President and CEO of the firm, "This is first time that an Indian private equity firm has received international support directly from the World Bank to fortify its task."

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