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Neha Kaushik

The company is currently looking at the gaming and wireless sectors

New Delhi , June 25

California-based venture capital firm Clearstone Ventures is planning to increase its exposure in the Indian market by ramping up investments in early stage companies.

The firm, which has made its first direct investment in India by putting in $5 million in payments service provider BillDesk, would be focusing on telecom, media and the financial services sectors. It is currently looking at opportunities in the gaming and wireless sectors. Mr Rahul Khanna, Director, Clearstone Venture Advisors, said the company would also explore emerging opportunities in the education, healthcare and retail sectors in India.

Early stage investments

"We have not earmarked any amount for investments in India. We will be investing from a pool of $200 million, out of which 30 per cent has already been invested. Clearstone would be focusing on making early stage investments in the country," he added.

The firm would be investing a maximum of $10 million on a deal with the average value of investment being around $5 million.

Clearstone Ventures, which has in the past invested in PayPal, Mp3.com and Overture, has around $700 million under management. It is currently investing from its third fund of $250 million. The firm has in the past made investments in companies with significant back-end operations in India.

In the BillDesk deal, where Clearstone has invested $5 million, State Bank of India (SBI) has picked up a stake for $2.5 million.

The flagship brand of IndiaIdeas.com Ltd, BillDesk pioneered the Payments Service Provider model in India and has been delivering electronic payments and collections services to Indian banks and to over 100 large corporations since 2001. BillDesk manages an extensive payments processing network, offering services to 25 banks including SBI, Citibank and HDFC Bank.

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