Venture Funding Guide for Startups - India Region

Venture Funding Guide !
for Startups - India!
!
Autumn 2014!
Alps Venture Partners!

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Contents
Execu3ve
Summary

Venture
Capital
Firms

Major
VC
Players
in
India

Approach
Guidance

Valua3on
101

Methodologies

Our
Services

Comprehensive
VC
List

1

2

3

4

5

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Executive Summary
We
are
pleased
to
present
our
first
edi3on
of
‘Venture

Funding
Guide
for
Startups
–
India
Region’.
This
is
a
token

of
our
constant
endeavor
to
help
small
and
medium
scale

firms
reach
their
true
poten3al
by
exploring
ways
of

mentorship,
expansion
and
funding.

Since
the
beginning
of
decade,
India
has
made
huge

progress
and
catapult
its
status
to
be
one
of
the
best

emerging
investment
regions
in
the
world.
As
per

Interna3onal
Business
Times,
India’s
3,100
startups
today

make
the
country
the
third-‐largest
base
of
startups
in
the

world
by
number
of
startups,
behind
America
and
Britain.

India
is
also
the
fastest-‐growing
startup
des3na3on,
adding

about
650
startups
in
2013
and
more
than
800
this
year,

according
to
Nasscom.

In
the
Autumn
Edi3on
we
present
to
you
the

comprehensive
list
of
Venture
Capital
(VC)
firms
in
India,

which
will
help
you
in
great
length
to
iden3fy
the

appropriate
VC
to
pitch
for.
Further
we
have
provided

resources
to
prepare
Investor
Pitch
along
with
Valua3on

Basics
to
understand
the
methodologies
to
value

companies
in
a
beer
way.
Please
share
your
feedback

which
will
be
very
useful
for
us
to
help
you
in
a
beer
way.

In
upcoming
edi3ons
we
will
further
cover
more
firms,

more
concepts
and
resources
on
funding,
valua3on
and

pitching.

Best
Regards,

Alps
Venture
Partners

Venture Capital Firms !
Major VC Players in India!
!

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Helion Venture Partners
Industries: Outsourcing, Internet, Mobile, Technology
Products, Retail Services, Healthcare, Education and
Financial Services.
Helion Ventures Partners is a $605 Million India-focused, early to mid-stage venture
fund, investing in technology-powered and consumer service businesses. It invests
between $2 million and $10 million in each company with less than $10 million in
revenues. The firm also participates in future rounds of financing in syndication with
other venture partners and seeks a board seat in its portfolio companies. It prefers to
exit its companies through public market listing, strategic sales, or transfer the stake
to another private equity firms.
contact@helionvc.com
+91 80 4018 3333
+91 124 461 5333
Portfolio Companies

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Accel Partners
Industries: Infrastructure, Internet & Consumer Services,
Mobile and Software & Cloud-Enabled Services
Founded in 1983, Accel Partners has global presence in Palo Alto, London, New
York, China, and India. They typically make multi-stage investments in internet
technology companies. The firm considers investments between $0.5 million and
$50 million in its portfolio companies. It seeks to take a minority stake in the
portfolio companies.
Portfolio Companies
siliconvalley@accel.com
+91 80 4123 2551
+91 80 4353 9800

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Industries: internet and software sectors, data infrastructure,
biotechnology, mobile application, telecommunications
equipment, media, consumer internet, research and
development, mobile,
Blume Venture Advisors is a venture capital firm specializing in early-stage seed,
start-ups, pre-series A, series B, and late stage investments. The firm prefers to
invest in 80 percent in technology ventures and 20 percent in alternative technology
sector including clean technology and robotics. It provides seed funding between
$0.05 million and $0.3 million in seed stage and doubles its investment size where it
co-invests. The firm also makes follow-on investments to its portfolio companies,
ranging between $0.5 million and $1.5 million. It seeks to co-invest with angel
investors, syndicates, and venture capital firms. The firm also provides mentoring
and support to its portfolio companies.
Portfolio Companies
https://www.linkedin.com/
in/karthikreddyb
Blume Venture Advisors

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Sequoia Capital India
Industries: Consumer, Energy, Financial, Healthcare,
Outsourcing, Technology
Sequoia Capital India is a venture capital firm specializing in investments in
startup, seed, early, mid, late, expansion, public and growth stage companies.
The firm prefers to invest in the information technology companies with a focus
Portfolio Companies
+91 80 4124 5880
+91 22 4074 7272
+91 11 4956 7200
on the emerging India-US cross border companies. It seeks to invest between $0.1 million and $100 million in
its portfolio companies. The firm invests between $100,000 and $1 million in seed stage, between $1 million
and $10 million in early stage, and between $10 million and $100 million in growth stage companies. It prefers
to act as the lead investor in most transactions.

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Nexus Venture Partners
Industries: Technology, consumer and business services, media,
energy, agribusiness, outsourced services, Internet, rural sector, cloud,
storage, infrastructure, big data analytics, data security, and mobile.
Nexus Venture Partners is a venture capital firm specializing in start-ups,
early stage, and early growth stage investments. The firm typically invests
between $0.5 million and $10 million in early / early-growth stage companies.
The firm also invests up to $0.5 million in their seed program.
Portfolio Companies
+91 80 4945 6600
+91 22 6626 0000
The firm also participates in follow-on investments at later stages for companies that successfully execute their
business plans. The firm can do multiple rounds going up to $20 million. It takes minority stake that varies
from 20 per cent to 40 per cent. The firm prefers to take a board seat in its investee companies and do not seek
to control or manage the company they invest in.
plans@nexusvp.com

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Inventus Capital Partners
Industries: Consumer, Hotels, Restaurants and Leisure, Media,,
Internet and Catalog Retail, Healthcare, Information Technology,
Technology Hardware and Equipment, Telecommunication etc.
Inventus Capital Partners is a venture capital firm specializing in early seed
phase, seed-prime, series-A, startup, early stage, mid venture, and early-
growth investments. The firm does not invest in capital intensive companies
like semiconductor. It typically leads the first venture round with $1 million to
Portfolio Companies
+91 80 4125 6747
$2 million and invests from $0.25 million up to $10 million as businesses grow. The firm seeks to acquire a
board seat in its portfolio companies. Inventus Capital Partners was founded in 1993 and is based in Menlo
Park, California with an additional office in Ebene, Mauritius and Bangalore, India.
mangala@inventuscap.com

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IDG Ventures
Industries: Digital Consumer – Internet, Mobile, Media and
Technology Enabled Consumer Services; Enterprise Software –
SaaS, Software Products and Enterprise services; Engineering –
Medical Devices, Clean-tech and IP-led Businesses
IDG Ventures India is a venture capital firm specializing
in startup, early stage and growth stage and expansion
stage companies. It primarily invests in companies based
in
Portfolio Companies
+91 80 4043 4836
+91 11 3019 4145
India but also invests in companies outside India that want to leverage India as an offshore resource base and/or
want to drive significant sales revenue from the Indian market. The firm typically invests between $0.5 million
and $10 million. IDG Ventures India was founded in 2006 and is based in Bangalore and Delhi.
contact@idgvcindia.com

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Canaan Partners
Industries: Technology- Advertising & Marketing, Big Data/
Cloud, Consumer, Enterprise/SaaS, FinTech, Hardware;
Healthcare – Biopharma, digital Health & MedTech.
Canaan Partners is a venture capital firm specializing in all stages of
development, seed financings, start-ups, growth and early stage
investments, typically Series A and B financings.
+91 124 4301841
It seeks to invest globally with a focus on Asia including India, Israel, and United States. The firm typically
invests between $0.05 million to $80 million in its portfolio company. It prefers to exit its investments within
seven to 10 years.
IDEA@canaan.com
Portfolio Companies

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SAIF Partners
Industries: IT, ITes, Industrials, Financial Services,
Internet, Consumer Product, Mobile
SAIF Partners is a private equity and venture capital firm specializing in
incubation, seed, early-stage, late stage, and growth capital investments.
The firm invests organically and through acquisitions.
+91 124 496 5500
The firm typically invests between $10 million and $100 million, in one or more rounds of financing, with
investments between $200,000 to $500,000 in early stage companies, and between $30 million and $35 million
in more mature unlisted ventures. For public market transactions, investments start at about $10 million. It
seeks to obtain a significant minority equity ownership position in the range of 10 percent to 40 percent of a
portfolio company along with a seat on the board of directors.
info@saifpartners.com
Portfolio Companies

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Approach Guidance
Before contacting the VCs, you have to articulate your idea into a Investor Pitch or Business Plan
and assess the value of your firm through a Valuation. The three important prerequisites are:
ARTICULATE
THE
IDEA

Ar3culate
the
Idea
into
a

workable
plan,
future

expansion,
product

d e v e l o p m e n t

requirements
etc.

1

VALUATION

Assessment
of
Pre-‐Funding

Valua3on
of
company
based

on
future
expansion,
current

scenario,
industry
etc.

INVESTOR
PITCH

Prepara3on
of
Business

Plan,
Promo3on
Material,

Iden3ﬁca3on
of
VCs,

contact
mail
etc.

2
3

Sequoia
Groove:
Founders
helping
Founders

HBS:
Entrepreneurship
Resources

US
Small
Business
Associa3on
Resources

Valuation Approaches and Illustration
The
Science
and
Art
behind
Valuing
your
Company

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Approaches and Methodologies
MARKET
APPROACH

Ø 
Guideline
Companies
Method

Ø 
Guideline
Transac3ons
Method

Ø 
Backsolve
Method

COST
APPROACH

Ø 
Book
Value
Method

Ø 
Replacement/
Net
Realizable
Value/

Reproduc3on
Cost
Method

INCOME
APPROACH

Ø 
Discounted
Cash
Flow
Method

Approach

INCOME

APPROACH

MARKET

APPROACH

COST

APPROACH

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Income Approach
The income approach recognizes that the value of an investment is premised on the receipt of future economic
benefits. These benefits can include earnings, cost savings, tax deductions and the proceeds from disposition.
Discounted Cash Flow Method (“DCF Method”) is a form of the income approach that is commonly used to
value businesses or equity interests.
Market Approach
The market approach assumes that companies operating in the same industry will share similar characteristics
and the company values will correlate to those characteristics. Therefore, a comparison of the subject company
to similar companies whose financial information is publicly available may provide a reasonable basis to
estimate the subject company’s value.
Cost Approach
The cost approach considers reproduction or replacement cost as an indicator of value. The cost approach is
based on the assumption that a prudent investor would pay no more for an entity than the amount for which he
could replace or re-create it or an asset with similar utility.
Generally Accepted Valuation Methodologies
I

M
C

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Enterprise Stages
Stage Description
I
No Product Revenue and limited expense history with, an incomplete management team with an idea, a plan, and
possibly some initial product development. Typically, seed capital, or first-round financing, is provided during this stage
by friends and family, angels, or early stage venture capital firms.
II
No Product Revenue but substantive expense history because of product development and business challenges. Series A
or Series B funding happens with early stage venture capital firms, which may provide management or BOD expertise.
III
Significant progress in product development; key development milestones have been met (for example, hiring of a
management team); and development is near completion (for example, alpha and beta testing), but generally, there is no
product revenue. Typically, later rounds of financing from venture capital firms and strategic business partners.
IV
Additional key development milestones are met (for example, first customer orders or first revenue shipments) and has
some product revenue, but it is still operating at a loss. Typically, mezzanine financing rounds occur during this stage.
Also, it is frequently in this stage that discussions would start with investment banks for an initial public offering (IPO).
V
Enterprise has product revenue and has recently achieved breakthrough measures of financial success, such as operating
profitability or break-even or positive cash flows. A liquidity event of some sort, such as an funding, IPO or a sale of the
enterprise, could occur in this stage.
VI
Enterprise has an established financial history of profitable operations or generation of positive cash flows. Some
enterprises may remain private for a substantial period in this stage. An IPO could also occur during this stage.

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We aim to be a leading independent global Valuation and Hedge fund service provider, operating in
key onshore and offshore global financial centers including USA, UK and India.
Founded by former Big Four audit valuation experts with in-depth industry
knowledge in Information Technology, e-Commerce, Electronic Equipment
and Instruments, Advertising, Internet Software & Services,
Banking & Insurance, and Healthcare & Life Science, etc.
“We deliver a bouquet of valuation services under one roof”
Introduction and Services

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Strategic Valuation Services
Fairness Opinion
We provide independent advice to
shareholders, promoters and
boards of directors to assess
reasonableness and fairness of the
price and terms of a transaction,,
for transaction negotiations and in
related party transactions
Internal Valuation
We offer independent advice to
boards of directors to help them
determine the right price to pay or
accept for a business.
Joint Venture Valuation
We evaluate JV relationships and
advise our clients on their JV entry
and exit assessments. We also
assist our clients in determining
contributions of the JV partners,
whether in the form of cash or
intangibles
Our strategic valuation services include advising senior management, boards of directors,
shareholders and promoters of public and private companies on evaluating transactions for
acquisition or divestment opportunities, raising capital, considering mergers, de-mergers, joint
ventures or divestitures. We assess critical value drivers of the business and advise clients on the fair
value of their businesses.
ESOP Valuation
We value the ESOP awards with
Relative TSR metrics, using
sophisticated modeling techniques
such as Monte Carlo Simulation /
Lattice tools which allow clients to
quickly and accurately value new
grants, whether they are market
stock units, index outperformance
grants or percentile ranks grants

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Business Valuation Services
Intangible Asset
We value intellectual property
assets like patents, copyrights,
trademarks, trade names or brands,
research and development assets,
products in R&D stages, etc. We
review license and franchise
agreements from a valuation
perspective. We also value and
evaluate intangible assets like
contractual and non-contractual
customer relationships, core
deposit intangibles, customer lists
and non-compete agreements.
Impairment Testing
We assist clients in reviewing
annual goodwill impairment by
valuing each reporting unit and
applying the two step process
involving evaluation of indication of
impairment and quantification of the
amount of impairment, if any.
Portfolio Valuation
We assist private equity and VC
funds by establishing and
determining the fair value of their
unquoted investment portfolios
which can facilitate the making of
strategic decisions.
We assist boards of directors and key stakeholders in evaluating, identifying and valuing intangibles
pre- and post- acquisitions and carry out purchase price allocations for US GAAP and IFRS. We
carry out annual impairment testing under US GAAP, IFRS and Indian GAAP. Our team also assists
private equity and venture capital funds in determining fair valuations of their portfolio investments.
Purchase Price Allocation
We assist our clients in evaluating,
identifying and valuing intangibles
for the purpose of purchase price
allocations (PPA) and in
understanding accounting impacts
before deal execution by carrying
out pre-deal PPAs.

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Transaction Support Services
Pre-Funding Valuation
Valuing the Business for funding
consideration. We assess critical
value drivers of the business and
advise clients on the fair value of
their businesses, which can be
used as a support and starting
point for further negotiations.
Financial Modeling
Whether it is evaluating new
business ventures, proposed
transactions or financial and
operational strategies, a robust and
dynamic financial model is an
integral component to the
decision-making process.
With the increase in M&A transactions in Indian business landscape, valuation issues have become
increasingly important considerations in corporate business operations.
Spin Off / Exit Valuation
Valuation an arm or reporting unit
of Business for Spin off, cave out,
management buy outs etc.
Valuating the business for exit
plans considering the value
addition and synergy created.

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ALPS Advantage
Alps Venture Partners has established a team of experts that have experience in valuing businesses across
diverse industry sectors and all developmental stages, ranging from clients with seed funding to pre-IPO stage.
With the team having experience of both valuations and audits, our detailed and insightful valuation appraisal
reports, along with our responsive support, help our clients easily pass through any stringent audit review
process in a smooth, efficient and time-bound manner.
01

02

03

Ex-Big Four valuation specialist
Experience of 1000+ Business
Valuation Appraisals.
Strong domain expertise across
Industries and Verticals
04
Adept in Start-up and Early Stage
company Valuation

List of Venture Capital Firms in India

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Venture Capital Firms in India
5ideas Inc.
Seed/Startup; Early Venture
It invests between INR 25 lakh ($0.04 million) to
INR 1.5 crore ($0.27 million) and can go upto INR
2.5 crore ($0.46 million) in follow-on rounds.
5ideas Inc. founded the firm in 2012 and is based in
India.
Aarohan Ventures
Aarohan Ventures is an incubator and venture
capital firm specializing in seed and early stage
investments. The firm typically invests in
education, healthcare, technology for impact, and
livelihood sectors.
Aavishkaar Venture Management Services
The firm prefers to invest in micro and small
enterprises that increase income in or provide
necessary goods and services to rural or semi-urban
India. It considers investments in bottom-of-the-
pyramid (BoP) space. It typically invests between
$0.47 million and $8.00 million.
Abraaj Capital
The firm seeks to make equity investments
between $0.5 million and $100 million; typically
investing $10 million to $100 million in private
equity investments as well as in real estate. The
firm acquires controlling or significant interest
and seeks board representation.
Seed/Startup; Early Venture; Emerging
Growth; Turnaround; Middle Market

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Actis Capital
Emerging Growth; Turnaround; Middle Market;
Mature; Mid Venture; Late Venture
The firm seeks to invest between $5 million and $100
million in its portfolio companies. It provides
minimum equity investment of $50 million for buyout
and growth transactions. The firm seeks controlling or
minority stake in the portfolio companies, for a period
of three to six years.
Aditya Birla Private Equity
It makes invests in unlisted mid-market
companies. It does not invest in real estate and
hard infrastructure. It invests through equity,
quasi-equity or equity linked instruments in
companies. The firm is sector-agnostic. Deal size
between $ 4.11 - $ 25.0 million.
Seed/Startup; Early Venture; Middle
Market; Mature; Mid Venture; Later Stage
Advent International Corporation
Seed/Startup; Emerging Growth; Turnaround;
Middle Market; Late Venture; Later Stage
For VC investments, the firm seeks to make equity
investment between $5 -$20 million. It prefers to exit
an investment between three - seven years or until
the company is ready to move to its next stage of
development either through a trade sale to another
company, through flotation or IPO's, or acquisition
by another PE firm.
AIF Capital Limited
AIF Capital Limited is a private equity and
venture capital firm specializing in middle
market, expansion, buyouts, recapitalization,
special situations, and growth capital investments.
It will not invest in real estates. The firm prefers
to invest in traditional industries.
Emerging Growth; Turnaround; Middle
Market

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Aldrich Capital Partners
Middle Market; Mature
The firm typically invests between $5 million and $20
million in companies with annual sales between $5
million and $50 million and EBITDA of at least $1
million. It also invests in family and founder-owned
firms seeking growth capital or shareholder liquidity,
or both.
Aloe Private Equity SAS
It typically invests between €2 million ($2.99
million) and €20 million ($26.68 million) per
company with revenue up to €100 million
($136.37 million). Aloe Private Equity SAS was
founded in 2004 and is based in Paris, France
with additional offices in Mumbai, India.
AMP Capital Investors Limited
Seed/Startup; Early Venture; Mature; Mid
Venture
The firm primarily provides its services to private
investors, institutions, advisers, and AMP financial
planners. It manages separate client focused
portfolios for its clients. It invests between $10
million to $50 million per asset and would be bought
and sold during the life of the fund.
Angelico Ventures
It invests in life sciences, cancer, heart disease,
neurodegenerative diseases, ageing and other
therapeutic areas. The firm invests between $1
million to $10 million including follow-up
investments and no single investment is greater
than 20% of active fund.
Emerging Growth; Turnaround; Middle
Market

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Apax Partners LLP
Middle Market; Mature; Late Venture
It invests in late ventures, growth capital, leveraged
acquisitions, management buyouts, buy-ins, and
recapitalizations. It typically invests in technology
and telecommunications; retail and consumer;
financial and business services; media; and healthcare
sectors.
APIDC Venture Capital Ltd.
Helps financing in all industry sectors in the
Andhra Pradesh. It also acts as an incubator of
Internet start-ups focusing on information
technology and seeking to expand internationally.
It investments do not exceed $0.4m and its target
return is 30% in a period of 5 to 7 years.
ArthVeda Fund Management Pvt. Ltd
-
ArthVeda Fund Management Pvt. Ltd is a venture
capital and private equity arm of Dewan Housing
Finance Corp. Ltd. It also manages real estate funds
and also provides debt to infrastructure sector.
Artiman Managment LLC
The firm is sector agnostic, usually invests in the
technology sector with a focus on medical, home
healthcare, enterprise software, environmental
and energy-related technologies, manufacturing
technologies, and life sciences investments with
investments of $0.1 - $4 million.
Seed/Startup; Early Venture; Mid Venture;
Incubation

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Ascent Capital Advisors
Turnaround; Middle Market
The firm typically invests between $1 million and $30
million. It prefers to acquire controlling stakes in
portfolio companies however does not generally seek
operating control. The firm prefers to exit though
public listing or other exits and typically holds its
investment for four to six years.
Asian Healthcare Fund
ASIAN Healthcare Fund is a venture capital and
private equity arm of Dabur India Ltd.. The firm
seeks to invest in the healthcare and life sciences
spectrum. The firm seeks to invest between $5
million and $20 million. It seeks either minority
or majority stakes in its portfolio companies.
Aureos Capital Limited
Seed/Startup; Early Venture; Emerging Growth;
Mid Venture; Late Venture
It typically invests between $0.035 million to $80
million in companies with revenues between $6
million and $35 million. Aureos Capital Limited was
acquired by Abraaj Capital. The firm invests in
businesses which have an operating history of
between three years and seven years.
Avendus PE Investment Advisors
It has a preference for sectors which benefit from
India’s strong domestic consumption or
infrastructure spending, India’s rising consumer
discretionary spend, rural prosperity, and rapid
urbanization.
Early Venture; Turnaround; Middle
Market; Mid Venture; Later Stage

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Axis Private Equity Ltd.
-
Axis Private Equity Ltd is a private equity and
venture capital arm of AXIS Bank Limited
specializing in growth capital. The firm seeks to
invest in infrastructure sector. It typically invests at
least $10 million with no upper limit.
Axon Partners Group
The firm prefers to invest in technology focused
companies, nanotechnology, biotechnology,
telephone equipment, environmental and facilities
services, heavy electrical equipment, digital,
materials, energy, and water purification.
Baer Capital Partners Ltd.
Middle Market
Baer Capital Partners Ltd. is a privately owned
investment manager. It sponsors and manages hedge
funds and private equity for its clients. The firm
seeks to invest through its fund, Beacon India Private
Equity Fund L.P.
Bain Capital Private Equity
It seeks to invest between $5 million and $1
billion in companies in diversified industries. It
was founded in 1984 and is based in Boston,
Massachusetts
Early Venture; Emerging Growth;

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Banyan Tree Finance Pvt. Ltd.
Middle Market
It seeks to invest in the small and medium companies
in the industrial sector in India. It typically invests in
companies which have revenues in excess of $20
million. The firm seeks board representation in its
Basil Partners
The firm seeks to invest in North America,
Europe, and Asian countries with a focus on
India. It makes equity investments in the range
between $1 million and $ 5 million with a
minimum revenue of $5 million.
Emerging Growth
Battery Ventures
Seed/Startup; Emerging Growth; Middle
Market; Mature; Late Venture; Later Stage
Focused on the, consumer finance; consumer
internet; mobile; software; technology enabled
services; BPO / ITES; components, infrastructure
and communications services; and clean technology
sectors.
BCP Advisors Pvt. Ltd.
Headquartered in Mumbai, BCP Advisors focus
on diversified industries to invest.
Middle Market

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Berkeley Partners LLP
Emerging Growth
Berkeley Partners LLP, doing business as Berkeley
Energy LLP, is a venture capital firm specializing in
renewable energy infrastructure investments in
developing markets. It primarily invests in Asia. It
has office in New Delhi, India.
Bessemer Venture Partners
It typically makes investments in the range of $.1
million and $75 million. The firm seeks to
acquire a seat on the Board of Directors of the
portfolio companies. Bessemer Venture Partners
was founded in 1911.
Growth; Late Venture; Incubation
Bharti Airtel Ltd, Investment Arm
Seed/Startup
Bharti Airtel, Investment Arm is a principal
investment firm specializing in seed and startup
investments. It seeks to invest in companies in the
telecommunication, software and services industry.
BlueRun Ventures
The firm primarily focuses on investments in
mobile businesses. It also invests in technology
industry. It prefers to make initial investments
ranging between $1 million and $6 million with
additional capital reserved for follow on rounds.
BlueRun Ventures was formerly known as Nokia
Venture Partners.

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BTS Investment Advisors Ltd.
Emerging Growth; Mid Venture; Late Venture
It is a PE and VC arm of BTS Belvoir Trust AG
specializing in growth capital investments in early,
mid to late growth stage companies. The firm does
not invest in start-ups. It prefers to invest in
pharmaceuticals, engineering, information
technology, telecommunications, and energy sectors.
Canbank Venture Capital Ltd.
It invests a from $0.2 - $2.3 million in small to
medium sized companies with high growth
potential, specifically IT, telecommunications,
Internet start-up or early venture, and
manufacturing companies developing new
industrial and technological processes.
Growth; Mid Venture; Late Venture
Caspian Advisors Private Limited
Seed/Startup
It typically invests in the Non-banking financial
companies and diversified financial sector. The firm
seeks to invest in companies based in India. Caspian
Advisors Private Limited is based in Hyderabad,
India with an additional office in Gurgaon, India.
Seed/Startup
Catalyst Microfinance Investment Company
It primarily seeks to invest in emerging micro
finance institutions with a focus on banks, non-
bank financial institutions, co-operatives, and
NGOs which are willing and able to transform
into a commercial for-profit institution. It
typically holds its investments for a period of five
to seven years.

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Catamaran Investment Pvt Ltd
Seed/Startup; Early Venture; Late Venture
The firm seeks to invest globally with a focus in
India. Catamaran Investment Pvt Ltd. was founded in
2009 and is based in Bangalore, India with additional
offices in London, United Kingdom.
CEA Capital Advisors, LLC
It invests in communications, media and
entertainment, and IT sector with a focus on
broadcast radio and television, programming and
content, telecommunications, outdoor advertising,
publishing, wireless communication, and internet
services.
Middle Market, Mature
Centre for Innovation Incubation and Entrepreneurship
Seed/Startup; Early Venture; Incubation
It seeks to invest between INR0.1 million ($0.0016
million) and INR100 million ($1.64 million). It
prefers to hold its investments across a horizon of
five to seven years. The firm also provides office
infrastructure including office cubicles, co-working
space, and access to infrastructure at IIM,
Ahmedabad.
Seed/Startup
Cheraman Financial Services Ltd
The firm typically invests in Kerala. It prefers to
invest between INR10 million ($0.15 million) and
INR250 million ($4 million). It may also consider
larger investments jointly with national funds.
Cheraman Financial Services Ltd, Investment
Arm is based in Vytila, India with an additional
office in Cochin, India.

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Cinema Capital
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Cinema Capital is a venture capital firm specializing
in growth capital investments. It seeks to invest in the
Movies and Entertainment. It is based in Mumbai,
India.
CLSA Capital Partners
It invests in opportunities arising from domestic
demand, asset reflation, leveraged buyout, real
estate properties, and interregional trade. It also
invests in the office, industrial, retail, and mixed-
use properties. The firm typically invests between
$25 million and $75 million in the real estate.
Emerging Growth; Middle Market
Contrarian Drishti Partners
Early Venture
The firm seeks to invest in education, healthcare,
livelihood generation, housing, energy/utilities, food
and agribusiness, and agricultural sectors. It seeks to
invest in under-penetrated Indian markets with a
focus on Eastern states. The firm invests between $
0.1 - $5 million in companies with revenue visibility
of at least $0.17 million, for over three rounds.
Crestlight Venture Partners, LLC
It typically invests an average amount of $0.2
million. The firm seeks syndication with strategic
investors. It seeks preferred stock and or debt
securities of the companies they believe are at
prices below their intrinsic value. The firm
prefers to insert ‘CXO’ positions in its
investments.

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Darby Overseas Investments, Ltd.
Middle Market
It primarily invests in the consumer products and
services, specialty retail, distribution, packaging,
manufacturing, hotel management, financial services,
media, and publishing sectors. It typically invests
between €5 million ($6.88 million) and €25 million
($34.41 million).
Dev Venture Fund
Dev Venture Fund is a principal investment firm
specializing in pre-Series A stage and startups. It
seeks to invest in information technology,
telecom and digital businesses. The firm typically
invests between $300,000 and $2 million.
Seed/Startup
Draper Fisher Jurvetson
Late Venture; Later Stage
The firm invests upto $1 M in seed stage companies,
between $1 - $10 M in early stage, and more than 10
M in growth stage companies. It makes equity
investments in the range between $1 -$20 M with
sales value above $10 M. It seeks to be the lead
investor in its companies' first round of financing and
hold board seat in its portfolio companies.
Early Venture; Turnaround; Mid Venture;
Late Venture
Duke Industries
It prefers to invest in India. The firm prefers to
take a majority or significant minority stake in its
portfolio companies. It also provides merger and
acquisition advisory services. It is based out of
Pune, India

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East West Capital Partners
Late Venture
It seeks to invest in pharmaceutical and biologic
manufacturing, medical technology devices,
instrumentation, and healthcare services to the end-
customers which include hospitals and drug discovery
services, and other healthcare-related business with a
focus on healthcare information technology.
Educomp Investment Management Limited
Educomp Investment Management Limited is a
venture capital investment arm of Educomp
Solutions Limited. The firm is based in Gurgaon,
India.
Seed/Startup
Elevar Equity, LLC
Early Venture; Emerging Growth
Elevar Equity is a private equity and venture capital
firm specializing in investing in growth oriented
entrepreneurs building microfinance institutions,
financial services firms, and other companies
providing essential products and services to the base
of the pyramid in emerging markets.
Emerging Growth
Emissary Capital, LLC
The firm invests globally with a focus on the U.S.
It also invests in small and medium businesses in
the public and private equity, and alternative
markets of China and India. Emissary Capital,
LLC was founded in 2005 and is based in New
York, New York with an additional office in
Maharashtra, India.

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Ennovent GmbH
The firm focuses on making social investments for
people from low income households (Base of the
Pyramid or BoP) and provides backing to for-profit
companies catering to the poor. It does not invest in
idea stage, NGOs or lending institutions.
ePlanet Capital
It majorly invests in IT and Hardware focused
companies. It generally holds an investment over
a period of 5 7 years and exits through IPO/
M&A for liquid shares or cash. The firm seeks
Board representation and preferred stock in its
portfolio companies
Everstone Capital Management
The firm seeks to invest across companies that have
significant operations in the Indian sub-continent,
Southeast Asia, and India with a focus on major
metro cities including Mumbai, Bangalore,
Hyderabad, Pune, Chennai, and National Capital
Region. It invests between $20 million and $50
million in its portfolio companies.
-
Faering Capital
Faering Capital is a venture capital firm
specializing in growth capital investments. It
seeks to invest in companies based in India. The
firm typically invests between $6.4 million and
$17.1 million in its portfolio companies.

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FICCI Investment Arm
-
Federation of Indian Chambers of Commerce and
Industry, Investment Arm is a venture capital firm
specializing in growth capital investments. It seeks to
invest in energy, education services, healthcare and
alternative energy sources.
Forum Synergies (India) PE Fund
It prefers to invest in healthcare; automotive,
electronic hardware, electrical equipment,
chemical engineering, medical devices,
pharmaceutical, biotechnology, IT etc. It targets
investing between $2 - $10 million in firms with
revenues between $3 - $50 million.
Emerging Growth
Franklin Templeton Investments (India)
-
Franklin Templeton Investments (India) is a venture
capital firm. It is based in India. Franklin Templeton
Investments (India) operates as a subsidiary of
Franklin Resources Inc.
Early Venture; Emerging Growth;
Frontline Strategy Limited
The firm targets investments in companies in
energy, manufacturing, services, consumer
durables and apparels, power, information
technologies, business process outsourcing,
internet, real estate derivative plays to retail
chains, media or entertainment, entertainment
equipment, telecom, life sciences, healthcare.

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Fulcrum Venture India
It has preference towards fast moving consumer
goods, financial services, healthcare, pharmaceutical,
wellness, niche retail, consumer durables, education,
and information technology and technology. The firm
seeks to invest in India. The firm seeks to invest
between INR 5 crores - INR 20 crores.
Gabriel Venture Partners
It typically invests in clean tech, networking,
communications, and IT companies with a focus
on wireless, disruptive technology components,
energy efficient LED light sources, algae
biodiesel, infrastructure software and systems,
and enterprise SaaS companies.
Early Venture
Gaja Capital Partners
It invests in services, broad consumer services,
manufacturing, infrastructure services, human
resource, financial services, education, and retail. It
focuses on domestic sectors within India. The firm
invests between $5 million - $18 million in its
Garnet Mercantile P Ltd.
The company focuses on Indian startups, early
stage, and incubation businesses in the industry of
Information Technology. It has $4 million in
capital under management, and its fund (Garnet
Mercantile Fund) was launched in 1996 and
collected $2 million.

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General Atlantic LLC
Early Venture; Emerging Growth; Mature; Mid
Venture; Late Venture
It is a global investment firm with focus on all stages
of enterprise in diversified industries. It typically
invests between $50 million and $500
Gennext Ventures
Gennext Ventures is a venture capital arm of
Reliance Industries Limited specializing in seed,
startup, and early stage investments. The firm was
founded in 2010 and is based in Mumbai, India.
-
Global Business Development Network, LLC
It specializes in investments in renewable energies,
climate change, biotechnology, telecommunication
and information technologies, and agribusiness
sectors.
Global Environment Fund
It seeks to invest in clean energy and
environmental services, independent power, gas
distribution, consumer products, clean energy,
sustainable forestry, timberland, agricultural
processing, transportation logistics, and emerging
markets in businesses that provide cost-effective
solutions to environmental and energy challenges.
Turnaround; Middle Market Seed/Startup; Early Venture; Incubation

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Glovoc Inc
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Glovoc Inc is a venture capital firm specializing in
growth investments. The firm seeks to invest in
services businesses. It prefers to invest in Asia-
Pacific, Central and Eastern Europe, Western Europe.
Glovoc Inc is based in India.
Gray Ghost Ventures
The firm’s focus areas include: microfinance,
social venture investment, and affordable private
schools in low-income communities of emerging
markets. It makes investment between $1 million
and $5 million.
GVFL Ltd
GVFL Ltd., is the venture capital arm of
Government of Gujarat specializing in seed and start-
up financing, early stage, and growth capital to small
to medium sized unlisted companies. The firm
invests between $0.1 - $2 million, and generally
takes a minority stake up to 40 percent in each
portfolio company.
Early Venture; Emerging Growth; Middle
Market; Mid Venture; Late Venture
Headland Capital Partners Limited
It's PE funds seeks to invests in the consumer
goods and services, industrial and manufacturing,
and electronics and technology sector. It seeks to
invests between $40 - $150 million in its PE fund
while it seeks to invest between $10 - $30 million
in its VC fund. The firm prefers to exit its
investment after two to four years.

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High Street Capital Private Limited
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It is the PE and VC arm of Jubilant Life Sciences Ltd.
specializing in growth and expansion capital
investments. It typically invests in small and medium
enterprises in sectors such as infrastructure service
providers, component manufacturers, asset operators,
and other infrastructure related enablers.
Horizen Ventures Management
It is a venture capital firm specializing in early
stage investments. The firm considers
investments in the information and
communication technology and internet sector. It
typically invests in companies based in India, the
United States, Africa, and Asia.
Early Stage
ICF Ventures Pvt. Ltd.
Mid Venture; Incubation
It seeks to invest in knowledge-based companies,
focusing on information technology, biotechnology
and life sciences, telecommunications, media
services and internet industries. The firm typically
invests in the Indian Silicon Triangle formed by the
cities of Bangalore, Chennai and Hyderabad, and the
Mumbai region.
Market; Mid Venture; Late Venture
ICICI Venture
ICICI Venture is a private equity, venture capital,
and real estate investment arm of ICICI Bank Ltd.
The firm typically invests between $2 million and
$100 million and operates in deal sizes upwards
of $20 million in buyouts besides growth capital
deals.

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IDFC Infrastructure
-
IDFC Infrastructure is a venture capital arm of IDFC
Limited specializing in direct or indirect investment
in infrastructure projects and assets with a focus on
growth capital, greenfield, brownfield, and
operational projects. It typically invests between $30
million to $50 million per investment.
IDFC Private Equity
IDFC Private Equity is a private equity and
venture capital arm of Infrastructure
Development Finance Co. Ltd. specializing in
growth investments in infrastructure and real
estate. The firm invests between $17 - $55
million in a portfolio company.
-
IFCI Venture Capital Funds
Seed/Startup; Late Venture
IFCI Venture Capital Funds Ltd. is a venture capital
arm of IFCI Ltd. The firm seeks to invest in seed/
startup and late venture firms. The firm prefers to
invest between $0.1 million and $6.73 million in its
portfolio company. IFCI Venture Capital Funds Ltd.
was founded in 1988 and is based in New Delhi,
India.
-
IFMR Investment Managers
It seeks to invest in microfinance institutions. The
firm typically invests in India. The firm provides
senior secured and subordinated debt in the form
of non-convertible debentures. It prefers to exit it
investments in a period of 6 years close ended.
IFMR Investment Managers Private Limited is
based in Chennai, India.

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IFMR Ventures India Private Limited
Seed/Startup; Incubation
It seeks to invest in the education services, healthcare,
diversified financials, water utilities, and solid waste
collection, treatment and disposal services.
IFU
IFU is a venture capital and private equity firm
specializing in financing in the form of equity,
mezzanine, loans, debt and guarantees. IFU was
founded in 1967 and is based in Copenhagen,
Denmark with additional offices in Beijing,
China; New Delhi, India etc.
-
IKP Investment Management Company
It seeks to invest in technology, telecommunication
services, communications equipment, life sciences,
pharmaceuticals, and automobiles and components.
The firm prefers to invest in India. It typically
invests between $0.002 million and $0.011 million.
-
IL&FS Investment Managers Limited
The firm prefers to make seed capital funding in
infrastructure projects in the range of $2 million
and $10 million. The firm seeks to hold its
investments for a period between three years and
five years. It seeks to make private equity
investments in post revenue companies. The firm
prefers to take a seat on the board of directors.

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Incofin Investment Management
Incofin Investment Management is a venture capital
firm specializing in seed/start-up, early stage
investments, and investments in microfinance
institutions and SME’s in developing countries, rural,
cooperatives, financial services, agriculture, and
commercial micro finance institutions.
Incube Ventures Pvt Ltd
It is sector agnostic but primarily seeks to invest
in healthcare delivery, vocational education and
skill enhancement, clean energy and eco
businesses, and sustainable rural businesses
innovations. It seeks to invest between Rs 5
million to Rs 1.5 billion with incubation.
IncuCapital Advisors Pvt. Ltd.
The firm typically invests between Rs 50 lakh ($0.08
million) and Rs 8 crore ($1. 30 million) in each
portfolio company. IncuCapital prefers to take a
minority stake and becoming a co-founder of the
portfolio companies. The firm prefers taking an
active operational role as an equal stakeholder in its
Middle Market
India Equity Partners
It seeks to invest in consumer-focused industries
and infrastructure and infrastructure services with
a focus on consumer products, human resource
services, personal care, FMCG and food sector,
healthcare, consumer finance, utility services etc.
The firm typically invests in India with a focus on
Karnataka.

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India Quotient
The firm focuses on investments in B2C companies in
the following sectors: internet and mobile; fashion;
lifestyle; consumer finance; technology-oriented
businesses in the healthcare and education segments;
financial services; food and travel; and consumer
discretionary.
India Value Fund Advisors Private Ltd
It invests between $25 million and $100 million.
In certain situations. The firm exits its
investments within five to eight years through
IPOs, mergers, takeovers, and joint ventures.
Middle Market
India Venture Advisors
-
India Venture Advisors is a private equity and
venture capital arm of Piramal Enterprises Limited
make investments in the healthcare, pharmaceuticals,
education, social infrastructure resources, and life
sciences sectors. The firm prefers to invest in India
in tier-2 and tier-3 towns.
Early Venture; Incubation
Indiaco Ventures Ltd
It typically invests in small and medium
enterprises, where intellectual property is
considered as the key ingredient. It seeks to invest
in manufacturing, entertainment, water, clean
energy, telecommunication, information
technology, healthcare, aerospace and defense,
and energy sector.

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IndiaSocial Fund
It typically invests in social enterprises with a focus
on employment, education, and training and social
technologies with a focus on solving social challenges
like pollution, pre-harvest efficiency, and affordable
healthcare. It seeks to invest between INR 5 million
and INR100 million in each enterprise.
Indocean Chase Capital Advisers
It invests between $25 million and $100 million.
In certain situations. The firm exits its
investments within five to eight years through
IPOs, mergers, takeovers, and joint ventures.
India Venture Advisors
-
India Venture Advisors is a private equity and
venture capital arm of Piramal Enterprises Limited
make investments in the healthcare, pharmaceuticals,
education, social infrastructure resources, and life
sciences sectors. The firm prefers to invest in India
in tier-2 and tier-3 towns.
Early Venture; Incubation
Indiaco Ventures Ltd
Indocean Chase Capital Advisers is an affiliate of
J.P. Morgan Partners that advises on investments
in India and technology investments in Asia
Pacific. The company will provide primarily
equity, amounts ranging from $250,000 to $75
million, give active management and financial
advice in exchange for BOD seat and stake.

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Indus Balaji Private Equity
Early Venture
It invests in the media, entertainment, logistics,
healthcare, and agriculture services sectors. The firm
targets investing in small and medium enterprises. It
will invest between $4 million and $5 million in each
portfolio company.
IndusAge Partners
The firm seeks to invest in technology space such
as mobility, cloud, telecommunication, consumer
internet, and energy efficiency sectors and also
considers investments in technology enabled
services in education, financial services, health,
and enterprise support with office in Chennai.
Early Venture
Infinity Venture Fund
Seed/Startup
It seeks to invest in products and services that utilize
technology, internet, telecommunications, new-
media, and convergence abilities for investment. It
typically invests in companies based in India.
Infinity Venture Fund is based in Mumbai, India
Innosight Capital
The firm seeks to invest in early/seed stage
disruptive innovations that dramatically reshape
the availability, cost, and convenience of health
care. It focuses on investments in the health care
market and information and communications
technology.

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Intel Capital
Middle Market; Mature; Mid and Late Venture.
It focuses on both established and new technologies
that help to develop industry standard solutions, drive
global internet growth, facilitate new usage models,
and advance the computing and communications
platforms. The firm seeks to invest between $300
million and $500 million per year.
International Finance Corporation
International Finance Corporation is a private
equity and venture capital arm of World Bank
specializing in both direct and fund investments.
It seeks to invest in early stage companies. The
firm investments typically range from $1 million
to $100 million.
Growth
Inventus Capital Partners
Seed/Startup; Early Venture; Mid Venture
It is a technology focused investment firm. It
typically leads the first venture round with $1 million
to $2 million and invests from $0.25 million up to
$10 million as businesses grow. The firm seeks to
acquire a board seat in its portfolio companies.
Late Venture
IvyCap Ventures
The firm will focus exclusively on financing
ideas and ventures of graduates from IIT's, IIM's,
and other premier institutes. The firm invests
between $0.3 million and $7 million. The firm
prefers to take a board seat in the portfolio
company. IvyCap Ventures is based in Mumbai,
India.Please
visit
tomorrow
for
complete
VC
list
!

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Ixora Ventures
It invests as angel or venture funding or structured
real estate derivative transactions. It seeks to invest in
healthcare, mobile, education, aerospace, and
technology sectors. It seeks to invest in India and the
ASEAN region. The firm typically invests between
$0.05 million and $0.5 million.
Jina Ventures
million in the companies with revenues between
$20 million and $300 million; and EBITDA
between $5 million and $50 million. The firm
prefers to take a board seat in its portfolio
companies.
Early Venture; Middle Market; Mature; Mid
Venture; Late Venture; Later Stage
JM Financial Investment Managers Limited
Seed/Startup; Early Venture; Mid Venture
The firm prefers to invest in retail, fast moving
consumer goods, pharmaceuticals, healthcare,
manufacturing, financial services, KPOs, consumer
services, infrastructure services, information
technology, business process outsourcing services,
logistics, education, and auto ancillaries companies
Late Venture
Jumpstartup Venture Capital
The firm invests in technology-oriented sectors
and traditional businesses (clicks and mortar)
with a strong understanding of brands,
distribution, and logistics. The firm focuses
primarily in the southwestern region between
Bangalore and Mumbai, as well as Pune,
Chennai, and Hyderabad.

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Kae Capital
It invests in technology sector including mobile, e-
commerce, education, healthcare, consumer internet
and so on. It prefers to invest in the US and
companies based out of India. It seeks to make
investments between $0.05 - $2.5 million. It typically
invests between $0.2 - $1 million in the first round.
Kaizen Management Advisors
million in the companies with revenues between
$20 million and $300 million; and EBITDA
between $5 million and $50 million. The firm
prefers to take a board seat in its portfolio
companies.
Early Venture
Kalaari Capital
Seed/Startup; Early Venture; Mid Venture; Late
Venture
It typically provides initial capital to be utilized for
customer acquisition, market validation, product
development, and hiring. The firm seeks to invest in
technology savvy companies and technology-enabled
services for India and the global markets. The firm
also invests in materials, energy, financials, biotech,
and industrials sectors.
Early Venture
Karnataka Asset Management Company
The firm provides first round of capital in
Internet Services and High-end Software Service.
The firm prefers to invest in clean energy,
nanotechnology, biotechnology, auto
components, aerospace and defense. It focuses on
investments in Karnataka. The firm prefers to
invest between $0.01 million and $0.46 million.

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Kerala Venture Capital Fund
Seed/Startup
It prefers to invest in Information Technology,
Biotechnology and Travel and Tourism Services. It
seeks to invest in companies based in Kerela in India.
It is based in Kochi, India.
Kin Advisors
Kin Advisors is a venture capital firm
specializing in startup investments. It primarily
invests in real estate advisory and education
sector. The firm also provides advisory services.
Kin Advisors is based in Bangalore, India.
Seed/Startup
Kotak Private Equity Group
Venture
It invest consumer businesses like FMCG, retail,
media and entertainment; financial services; life
sciences which includes pharmaceuticals and
biotechnology; IT which included software products
and services; light manufacturing; agri-business;
food processing and infrastructure led services like
healthcare, logistics and distribution.
Early Venture
Kshitij Investment Advisory
It seeks to invest in the retail and real estate
sectors with focus on malls. It seeks to invest in
companies based in India. It is based in Mumbai,
India. Kshitij Investment Advisory Co., Ltd is a
subsidiary of Future Capital Holdings.

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KVP Ventures
KVP Ventures is a venture capital firm investing in
start-ups in information technology, media,
telecommunications, entertainment and biotechnology
companies. KVP Ventures is based in Mumbai, India.
L Capital Management
The firm seeks to invest in personal care and
well-being, personal equipment, media, home and
family equipment, and selective retailing. It
invests in India with a deal size between $50
million and $100 million.
Middle Market; Mid Venture; Late Venture
Lazard India Advisors
-
Lazard India Advisors Pvt. Ltd is a venture capital
firm specializing in growth capital. It prefers to
invest in outsourcing services, consumer
discretionary, and Industrials. It seeks to invest in
companies based in India. Lazard India Advisors Pvt.
Ltd based in India.
LIC Housing Finance Ltd
LIC Housing Finance Ltd., Investment arm is a
venture capital firm specializing in mid venture
and late venture. It prefers to invest in Industrials
and Real Estate. The firm is based in India.

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LIFE Fund
Seed/Startup
The firm invests in four key sectors – media and
entertainment, hospitality and tourism, healthcare,
and lifestyle. It also invests in other sectors such as
retail, education, food, consumer finance, and
agritech. The firm invests in companies located in
India or which have substantial India operations.
Lightbox Management Ltd
It seeks to invest in the consumer technology
space with a focus on education technology. The
firm invests in India. It invests between $3
million and $5 million. The firm has an
investment horizon of seven to eight years.
Lightbox Management Ltd is based in India.
Early Venture
Lighthouse Advisors India Private Limited
Market
It focuses in financial services, healthcare, education,
rural consumption, engineering, liquor, agribusiness,
technology, hospitality, education, logistics, light
manufacturing, and food processing companies. It
prefers to invest in the United States and India. The
firm primarily invests between $5 million and $15
million in its portfolio companies.
Lightspeed Venture Partners
The firm primarily invests in the following
sectors: enterprise, consumer, big data, bitcoin,
enterprise technology, cleantech, mobile, internet,
financial technology, cloud solutions, e-
commerce, storage, media, networking, energy,
software, software as a service, information
technology, biotechnology, and social.

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Lok Capital Group
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Lok Capital Group is a private equity and venture
capital arm of Lok Foundation specializing in bottom-
of-pyramid customer segment investments. It focuses
on investments in India. It seeks to invest between $1
million and $7 million. Lok Capital Group is based in
Gurgaon, India
MakeMyTrip Limited (Investment Arm)
It seeks to invest in the hotel and holidays and
travel and tourism space, with a focus on mobile
and IP-based companies. The firm focuses on
investments in India as well as abroad. It prefers
to take minority stake in its portfolio companies.
Matrix Partners India
The firm invests in internet, consumer internet,
eCommerce, travel, vertical classifieds, mobile,
education, education tech, video, SMB tech, local
services, SaaS, online services, financial services,
entertainment, consumer products and services, food,
beverage, hospitality, energy, media, healthcare,
infrastructure services, real estate etc.
Mayfield Fund
In India it invests with a focus on technology,
technology enabled services, consumer services,
infrastructure ancillaries, healthcare services, and
manufacturing opportunities. It typically makes
investments between $1 and $15 million with
revenues between $10 million and $100 million.

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Microsoft Ventures
Microsoft Ventures operates as an investment arm of
Microsoft Corporation. Microsoft Ventures, formerly
known as Bing Fund, is an incubator and venture
capital firm specializing in seed, growth and angel
investments in startups and early stage investments.
The company also runs an accelerator program.
Mitsui & Co. Global Investment Ltd.
The firm primarily invests in the IT industry,
specifically in the software, telecommunications,
semiconductor, electronics, services sectors, as
well as the healthcare, consumer, auto
components, construction materials, technology,
cleantech, solar energy, life science etc.
Market; Mature
MMP International
-
It is is a private equity unit of Milestone Merchant
Partners. In India it makes investments in the
technology, entertainment, and communications
sectors in companies that have substantial operations
in India.
MobME Wireless Solutions (Investment Arm)
The firm typically invests in internet and telecom
verticals. It seeks to invest in India. The firm
invests between $0.02 million and $0.25 million
in its portfolio companies.

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Morpheus Capital Advisors
Seed/Startup
It is the private equity and venture capital arm of O3
Capital Advisors Pvt. Ltd. It targets investing in the
consumption sector with a focus on companies
operating in food and beverages, apparel & retail,
beauty and wellness, travel and tourism, and
education sectors.
Motilal Oswal Private Equity Advisors
The firm prefers to invest in healthcare, consumer
driven businesses, including those in the
information technology and manufacturing fields.
It also invests in real estate with a focus on
residential properties and commercial real estate
in India.
Market; Mature
Naya Ventures
Seed/Startup; Early Venture; Emerging Growth
The firm typically invests in mobile technology,
cloud space, big data, and SaaS sectors. It focuses its
investments in the United States and India based
companies. The firm seeks to invest in the range of
$2,50,000 and $3 million. It prefers to pick up a
minimum of 5 percent stake in its portfolio
companies.
Seed/Startup
Nazara Technologies (Investment Arm)
It seeks to invest in gaming space. The firm
invests between INR 25 lakh ($0.4 million) and
INR 50 lakh($0.8 million) in companies.

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Nereus Capital
Seed/Startup; Turnaround; Middle Market; Late
Venture
It targets investing in renewable power generation,
energy efficiency and infrastructure, alternate energy
development, water purification, biofuels,
construction & operation of renewable, power, and
clean energy generation assets or deployment
technologies in India
New Enterprise Associates
Within India, the firm invests in alternative
energy, infrastructure services, consumer
services, and agriculture sector. The firm seeks to
invest between $0.05 million and $20 million.
New Silk Route
Middle Market
It prefers to invest in the consumer services and
FMCG, specialty retail, education, infrastructure,
ports, logistics, telecommunication, media,
manufacturing, IT, e-commerce, engineering,
medical devices, restaurant chains, F&B, value-
added manufacturing and engineering, financial
services renewable energy including wind and solar.
NewPath Ventures, LLC
It seeks to invest in technology with a focus on
system, silicon, software, and services. The firm
targets companies based in India and United
States.

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Nirvana Venture Advisors
Seed/Startup; Early Venture; Late Venture; Later
Stage
The firm invests in mobile, internet, network
companies, and electronic payments markets with a
focus on e-commerce, online travel, online
advertising and marketing, mobile and digital content,
and other areas that leverage internet for scale,
distribution or low cost customer acquisition.
Northgate Capital Group
Northgate Capital Group is an investment firm
specializing in FOF investments and direct
investments. The firm typically invests in
alternatives, venture capital, buyouts, growth
capital, distressed, special opportunities,
mezzanine, and secondary funds.
-
Norwest Venture Partners
Venture; Incubation; Later Stage
For its India-centric early to mid-stage venture
capital investments, it prefers to invest in FMCG,
Internet, telecommunications, financial services, and
education sector.
Ojas Venture Partners
It prefers to invest in the technology sector with
focus on mobile technology and applications,
telecom, wireless technologies, enterprise
software, SaaS, embedded software, low capex
semiconductor, web applications/services,
consumer internet, and other businesses that use
technology in innovative ways.

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Omnia Investments
Early Venture
Omnia Investments is a venture capital firm
specializing in start up and early stage investments.
The firm invests in education and technology sectors.
Omnia Investments is based in India.
Omnivore Partners
It is a venture capital arm of Godrej Agrovet
Limited. The firm seeks to invest in companies
operating in agriculture and agri-tech sectors. It
seeks to invest between INR2 - INR10 crore
initially and between INR20 crore - INR25 crore
over a company’s life.
One97 Communications, (Investment Arm)
It invests technology companies with focus on
companies which provide mobile value-added
services and leverage mobile as a key delivery
medium for customers and enterprises, like device
apps, location based services, m-Commerce, video,
and content aggregation.
OrbiMed Advisors, L.L.C.
The firm primarily invests in healthcare, global
health science industry including pharmaceutical,
life science, healthcare services, biotechnology,
biopharmaceuticals, diagnostics, novel therapies
and treatments, health IT, medical device
companies, and companies providing services or
products that are part of treatments.

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Partners Group Holding
Middle Market
For direct private equity investments, the firm invests
directly into healthcare, consumer, media &
telecommunications, information technology,
industrials, infrastructure/energy & utilities, financial
and business services and real estate operating
companies.
Peepul Capital LLC
It prefers to invest in Technology Products and
Services, business services, consumer driven
services and products, Specialized Engineering,
media and entertainment, specialized
manufacturing, and telecom sectors. The firm
focuses on investments in India.
Market
Perseus, L.L.C.
Turnaround; Middle Market; Mature; Late
Venture
Perseus, L.L.C. is a private equity and venture
capital firm specializing in investments in industry
consolidations, middle market buyouts, mezzanine,
recapitalizations, growth equity investments, and
later stage venture investments. The firm also seeks
to invest in add-on acquisitions and in businesses
that are undervalued.
Persistent Systems, (Investment Arm)
The firm seeks to invest in social, mobile,
analytics and cloud computing sectors around the
globe. The firm typically invests between $0.1
million and $0.25 million. Persistent Systems
Limited, Investment Arm is based in India.

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Pinebridge Investments Asia Limited
Early Venture; Turnaround; Mid Venture; Late
Venture
It invests in a variety of industries such as
infrastructure-related services, export manufacturing,
consumer products and services, resources-based
industries across Asia.
Plexus Capital Ventures
It invests in energy efficiency, infrastructure
enablers, food and agriculture, and consumption-
driven opportunities. It seeks to invest in India.
The firm typically invests between $1 million and
$5 million in its portfolio companies.
-
Pragati India Fund Pvt. Ltd.
It seeks to invest in critical sectors with a focus on
healthcare, education services, and oil and gas
equipment services. It seeks to invest in undergoing
rapid growth and transformation in Northern and
Central India with a focus on low income states. The
firm makes investments in the range of $5 million
and $15 million in companies.
-
PremjiInvest
In venture capital, it invests in growth capital.
The firm seeks to invest in technology companies.
It prefers to invest in the United States and China.
PremjiInvest is based in Karnataka, India.

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PROPARCO
Middle Market; Mid Venture; Late Venture;
Later Stage
The firm’s activities in China, Thailand, Indonesia,
India, Pakistan and Brazil are focused on combating
climate change with a focus on renewable energies
(production or equipment manufacturing) and energy
efficiency in businesses.
Punjab Information Communications And
Technology Corporation Ltd
Punjab Information Communications And
Technology Corporation Ltd, Investment Arm is
a principal investment firm. It was founded in
1998 and is based in Chandigarh, India.
-
QUALCOMM Ventures
It invests in Software, Hardware, Cloud/Enterprise,
Health Care, Semiconductor components,
Infrastructure, consumer etc. Qualcomm Ventures,
which started operations in 2000, has invested in
about 95 ventures globally. The company forayed
into India in 2006
Seed/Startup; Early Venture; Turnaround;
Mid Venture
Rajasthan Asset Management Company
It seeks to invest in IT, ITES, hospitality,
education, healthcare, retail, auto components,
agro products, bio-technology, agri-tech, clean
tech, financial services, tourism, entertainment,
logistics, packaging and other technology driven
project, water purification, nanotechnology,
alternative energy resources etc.

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Reliance Capital Asset Management Limited
Middle Market; Mid Venture; Late Venture;
Later Stage
It is a subsidiary of Reliance Capital Ltd. Reliance
Capital Asset Management Limited was founded in
1995 and is based in Ahmedabad, India.
Reservoir Investment Managers (India) LLP
It does not invest in traditional information
technology services. The firm seeks to invest in
technology sector with a focus on information
technology, software, products, services, and
applications targeting global footprint etc.
Growth
responsAbility Social Investment Services
Early Venture; Emerging Growth
It seeks to invest in the financial sector including
financial service providers, microfinance, fair trade,
independent media, SME financing, and social
venture capital. In microfinance, the firm seeks to
invest through loans, senior debt, and subordinated
debt. It primarily invests a minimum of $0.25
million.
Ryerson Futures Inc.
It prefers to invest in mobile and web based
companies, proprietary or first mover products,
backed by intellectual property, companies that
solve an expensive problem well, and other
software based technology companies. The firm
typically invests in GTA, Southern Ontario, and
India.

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Saama Capital Management
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Saama Capital Management, Ltd. is a venture capital
firm specializing in investments in mobile, internet,
IT services, financial services, healthcare, education,
retail and food & beverages sectors in India. Saama
Capital Management, Ltd. was formed in 2006 and is
based in Ebene, Mauritius.
Sage Capital Advisors
It is a PE and VC firm specializing in investments
in mid-market companies and real estate
investments. The firm focuses on investing in
India. It seeks to invest between $5 million and
$15 million per deal. It was founded in 2008 and
is based in Mumbai,
-
Sandalwood Capital Partners
The firm prefers to invest in telecom; outsourcing
services with focus on business, engineering and
media; technology; and renewable energy. It focuses
on cross border investments into Asia and prefers to
invest in India and China. Sandalwood Capital
Partners was founded in October, 2006 and is based
in Bangalore, India
-
Sathguru Management Consultants, Investment Arm
The firm seeks to invest in energy, industrials,
environmental and facilities services, agricultural
products, and life sciences tools and services. It is
based in Hyderabad, India.

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SBI Venture
-
SBI Venture is a principal investment arm of SBI
Capital Markets Limited specializing in
pharmaceutical sector. It typically invests between $5
million and $10 million. SBI Venture is based in
India.
SEAF
The firm seeks to invest in media and
entertainment, construction materials, information
technology, clean and alternative energy,
agribusiness, food, tourism, energy, financial
services, specialized manufacturing, agribusiness,
life sciences, infrastructure related services etc.
Growth; Mature; Mid Venture; Late Venture
Secura Investment Management
-
It is a Shariah compliant venture capital firm
specializing in growth, privately negotiated equity,
and equity linked investments in unlisted or listed
companies. The firm seeks to invest in sectors related
to real estate activities. It prefers to invest in Kerala
including Kozhikode and Kochi.
Seedfund
The firm prefers to invest in internet, media,
mobile, telecommunications, retail, technology,
and consumer sectors. It focuses its investments
in companies based in India. The firm seeks to
invest between Rs.1 crore ($0.19 million) and Rs.
25 crore ($4.67 million) in each portfolio
company.

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SGR Advisors Pvt. Ltd.
Early Venture
It is a private equity and venture capital investment
arm of Raisoni Group specializing in early stage
investments. It invests in the education sector. It seeks
to invest in various growth sectors in India. SGR
Advisors Pvt. Ltd. was founded in 2008 and is based
in Mumbai, India.
Sicom Capital Management
Sicom Capital Management Private Limited was
incorporated in 1996 and is based in Pune, India.
-
SIDBI Venture Capital Limited
Mid Venture; Late Venture; Incubation
It focus in life sciences, clean technology, retailing,
light engineering, food processing, information
technology, infrastructure related services,
healthcare, and logistics and distribution, water and
sanitation, agriculture, and education sectors. It
invests in companies across India with a focus on
eastern states.
Siemens Venture Capital
The firm seeks to invest in technologies
particularly in industry, materials, automotive,
industrial solutions, digital technology, energy
and environmental care, cleantech, industrial
automation and control, industrial and public
infrastructure and cities including smart grid,
building technologies, lighting, mobility etc.

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Softbank China & India Holdings
Early Venture; Mid Venture; Late Venture
It prefers to invest in the internet, software, telecom
value added services, converged media,
entertainment, and other industries leveraging
technology such as consumer oriented services,
healthcare, and financial services. The firm seeks to
invest in China, India, and Southeast Asia region
Srei Alternative Investment Managers Limited
The firm invests in infrastructure with a focus on
roads, power, urban infrastructure, airport
services, highways and railtracks, marine ports
and services, and telecommunication service
sector. It is based in Kolkata, India.
-
SRI Capital
It prefers investing in companies with no revenues, a
corporate spin-off team, or a family business. The
firm invests in companies in any industry. It typically
invests in companies based in India, the United
States, and the United Kingdom. The firm typically
invests between $0.50 million and $0.5 million in
companies with two year projections.
Standard Chartered Private Equity Limited
The firm typically, invests between $10 million
and $100 million in a single transaction, with a
preference for deals of greater than $25 million. It
prefers to acquire a board seat in its portfolio
companies. The firm prefers to acquire between
10 percent and 49 percent stake in its companies.

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Startup Village
The firm typically invests in the telecommunications,
internet, and information technology sector; but will
consider companies outside of these domains. It seeks
to invest in India. The firm will invest between $0.01
million and $0.25 million in its portfolio companies.
It focuses primarily on student startups.
Subhkam Ventures
It invests in technology and information
technology, healthcare, finance, travel, leisure
and tourism, alternate energy among others and
also in smaller infrastructure companies, and
investments in sectors being deregulated and
opened up for private investment/partnerships.
Emerging Growth
Summit Partners LLP
Market; Late Venture; Later Stage
It invests across all industry categories with a focus
on education, technology enabled oilfield product
and services, software, communications technology
and services, semiconductors and electronics,
gaming, leisure, Internet and information services,
energy, media and entertainment etc. In India, it
seeks to invests $10 million to $100 million.
Early Venture; Turnaround; Late Venture
Symphony Capital Partners
The firm prefers to invest in consumer sectors
including healthcare, hospitality, and lifestyle
sectors. It typically invests in companies based in
the Asia Pacific Region including India. The firm
seeks to be a lead investor in its portfolio
companies

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TA Associates Management
Turnaround; Middle Market; Mature
The firm primarily invests in private companies
globally with a focus on technology, consumer and
retail, energy, telecommunication, education, internet
and internet infrastructure, command control and
communication equipment, business to business,
consumer staples, computers, consumer services etc.
Tano Capital LLC
It prefers to invest across all sectors including
industrials, infrastructure, telecom, engineering,
retail, insurance, life science, oil and gas, water
purification, cleantech, and pharmaceuticals. It
typically invests between $5 million and $25
million in companies.
Early Venture; Middle Market
Tata Capital Private Equity
Turnaround; Middle Market; Mature
The firm seeks to make investments in most sectors
including IT, engineering related to high-value IT
services, Construction,, healthcare, life sciences,
healthcare delivery, clean tech, pharmaceutical, auto
components, automotive, manufacturing, agriculture,
financial services, logistics support etc. It typically
invests between $3 million and $200 million.
-
Tata Investment Corporation Ltd.
Its activities primarily include investing in long-
term investments in equity shares and other
securities of companies in a range of industries.
The company also distributes mutual funds and
other investment related securities. Tata
Investment Corporation was founded in 1937.

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TDA Capital Partners
The firm typically invests in companies based in
Israel, United States, Indian Sub- Continent, and
Central Europe. It seeks to invest from $7 million to
$50 million in its portfolio companies. The firm
prefers to take majority or significant minority equity
positions
Temasek Holdings (Private) Limited
It is sector agnostic with a focus on companies
engaged in the telecommunications and media,
banking, real estate, financial services, property,
industrial, life sciences, transportation and
logistics, consumer and lifestyle, education,
energy and resources, power etc.
The Blackstone Group
It is a global investment with interest in diverse
industries across geographies.
Turnaround; Middle Market; Mid Venture; Late Venture
The Carlyle Group LP

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The View Group
Middle Market
The firm prefers to make investments in middle
market companies engaged in the labor intensive
business services sector. It typically invests between
$5 million and $20 million. It was founded in 1992
and is based in Boston, Massachusetts with an
additional office in Maharashtra, India.
Thomas Weisel Capital Management
Invests in emerging IT companies and focuses on
infrastructure, applications, security,
semiconductors, communications, storage,
wireless technologies, Internet services etc. It
seeks be the lead investor and make initial equity
investments between $2 million and $10 million.
TPG Growth
Market; Late Venture
The firm primarily invests in the technology,
internet, cleantech, consumer, satellite,
communication, life sciences, biotechnology,
transportation, industrials, business services, energy,
renewable energy, healthcare, media, and retail and
restaurant sectors. The firm prefers to invest between
$10 and $75 million in a company.
Market; Mid Venture; Late Venture; Later Stage
Trident Capital, Inc.
The firm focuses on information and business
services including outsourcing, financial, B2B
commerce, enterprise software, clean tech,
healthcare IT, IT security, adtech, mobile, cloud
computing, software, software as a service,
Internet and mobility.

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TVS Capital Funds Limited
Later Stage
It invests in diversified industries. It invests between
INR 250 million and INR 750 million in companies
having revenues between INR 500 million and INR
2500 million. It was formed in September 2007 and is
based in Chennai, India with an additional office in
Mumbai, India.
Unilazer Ventures
Unilazer Ventures is a private equity and venture
capital firm specializing in early stage and late
sate start-up investments in agriculture,
healthcare, education, and e-commerce sectors in
India. It is based in Mumbai, India.
Unitech Realty Investors
Market; Late Venture
Unitech Realty Investors is a real estate investment
arm of Unitech Ltd. It seeks to invest in
redevelopment projects in Mumbai. Unitech Realty
Investors is based in India.
Early Venture
Unitus Impact LLC
The firm seeks to invest in supply chain solutions,
agribusiness, mobile payments, microenterprise
financing tools, and microfranchising
opportunities. It seeks to invest in scalable
businesses in India, China, and Southeast Asia,
particularly Vietnam and Indonesia.

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Unitus Seed Fund LLC
It invests considering the BOP population. It typically
invests in a wide range of business sectors including
livelihoods, education, agriculture, healthcare,
technology for development, basic necessities,
healthcare sanitation, ecosystem, clean energy,
innovative technologies, mobile, rural distribution etc.
UTI Ventures
It invests in software services and products, IT
enabled services, semiconductors,
communications and networking, and
biotechnology companies. The firm invests in
companies based in India. UTI Ventures was
founded in 2000 and is based in Bangalore, India.
Utthishta
The firm typically invests in sectors including
software, technology, mobile, web, analytics, and
cloud computing. It primarily invests in India. The
firm seeks to invest between INR1 million ($0.02
million) and INR2 million ($0.03 million) per
company in return of equity stake between 10
percent and 15 percent.
Seed/Startup; Early Venture; Middle Market;
Incubation; Later Stage
Ventureast Fund Advisors India Limited
The firm prefers to invest in technology and
technology-enabled sectors along with
biotechnology, healthcare infrastructure,
microfinance, agribusiness, biogas, pharma, food,
retail, life science, clean technology, healthcare,
education, financial services, etc. The firm seeks
to invest in companies based in India.

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Vertex Venture Holdings Ltd.
The firm prefers to invest in clean technology,
communications, information technology, consumer
& services, electronics and semiconductors,
healthcare, software, Internet, machinery and
equipment and its research and development, and
media.
Walden International
The firm seeks to invest in technology based
companies with a focus on telecommunication,
media, communications, emerging technology
and services, electronics and digital consumer,
software, information technology services,
financial services, Internet and digital media etc.
Warburg Pincus LLC
Emerging Growth; Turnaround; Middle Market;
Mature; Later Stage
Wolfensohn Fund Management,
The firm seeks to invest in financial services and
alternative energy resources. It prefers to invest in
emerging markets. The firm typically acquires a
minority stake.

Venture Funding Guide for Startups - India Region

Venture Funding Guide for Startups - India Region

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Venture Funding Guide for Startups - India Region