IDG Ventures India, a venture capital fund with focus on early stage technology start-ups, is in the process of raising its second fund.
“We are in the process of raising our next capital, which will have a mandate to invest in early stage ventures,” IDG Ventures India Vice-President Ranjith Menon told PTI here today.
Though Menon declined to divulge the amount the fund is aiming to raise, sources in the industry said it is around $150 million.
IDG Ventures India, which has a focus on technology start- ups, is at present managing a $150-million fund and has invested in around 20 companies during the past five years.
On the response from investors, Menon said, “though there are economic headwinds both on the global and domestic fronts, we will be able to overcome the challenges.”
He said the company has not slashed its investment pie despite a difficult economic environment. “We have not reduced our investments due to the poor economic situation. In fact, we have done some deals this financial year... (this is) likely to continue.”
IDG Ventures India is a part of IDG Ventures, a global network of technology funds with over $6 billion under management.