Kalaari Capital has announced a new venture capital fund that will identify and invest in early stage technology companies in India. The $150 million investment was put together by the same people that were behind the Indo US Venture Partners (IUVP) which was also referred to as IndosUS. The bulk of the fund has been backed by US investors and is expected to give out cash in $1 million to $5 million chunks over the next four to five years. The newly set up VC fund has announced that they will be targeting companies that have been around for less than three years and have gotten little funding from other sources.
Kalaari Capital’s vice president, Sumit Jain, has mentioned that $40 to 60 million has already been spent over the past year. The VC fund does not yet have a website but has come out of stealth mode following the announcement Details of who has put money in the fund are scarce. Some data revealed from SEC filings show that a single investor did put in as much as $4 million into the VC Fund.
The fund shared some ideas of how they will be investing by stating that they will continue to maintain practices being done with IUVP, which put $100 million into 35 companies. The name of the fund was changed because a partner of IUVP; New Enterprise Associates (NEA) started its own India based VC fund. The founding team has also been changed with Vani Kola and Kumar Shiralagi staying on as Vinod Dham moves on, being replaced by Rajesh Raju.
Shiralagi in an interview with VC Circle said, “We have been attracted to invest in technology companies always and would continue to do so. Whether it be software products and services, e-commerce, mobile and telecom services, education, healthcare, media and clean tech—all are hot sectors within technology.”
Source: The Next Web
Photo: Blogspot
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