The Hindu Business Line : IDG Ventures sets up $150-m India fund

IDG Ventures, a global family of venture capital funds affiliated to the International Data Group (IDG), has announced the appointment of Mr Sudhir Sethi as Managing General Partner of IDG Ventures India, which manages a recently established $150-million venture capital fund.

"We believe the rapid increase in the market for technology products and services in India, combined with the entrepreneurial spirit and talent of its people will create an extremely bright future for venture capital investing in India," said Mr Patrick J. McGovern, Founder and Chairman of IDG.

"This is the reason that we decided to establish the IDG Ventures India Fund as the newest member of our global family of funds, which together manage $1.4 billion of venture capital in the US, China, Vietnam, and now India."

The IDG Ventures India Fund will primarily invest between $0.5 - $5 million in early-stage technology companies and opportunistically up to $10 million in compelling growth-stage companies. These companies will be in IT and BPO services, design engineering, electronics and hi-tech manufacturing, consumer Internet and digital media, product application software, semiconductors, telecom and value-added mobile services, financial services, and other emerging technology-enabled areas.

"Over the next five years we expect to invest in 20-25 companies in India and the Indo-USA corridor.

Given IDG Venture's global network, one of the key value-additions to our investee companies in India is to help them expand into China," Mr Sethi said.

Till recently, Mr Sethi served as President and Executive Director of Infotech Enterprises Ltd, a global design engineering and GIS services company.

Prior to that he was a General Partner for Walden International where he headed up their venture capital operations in India.

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