Venture Funding Guide for Startups - India Region

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1. Venture Funding Guide ! for Startups - India! ! Autumn 2014! Alps Venture Partners! 2. 2pageALPSVENTUREPARTNERS Contents Execu3veSummary VentureCapitalFirms MajorVCPlayersinIndia ApproachGuidance Valua3on101 Methodologies OurServices ComprehensiveVCList 1 2 3 4 5 3. 3pageALPSVENTUREPARTNERS Executive Summary We are pleased to present our rst edi3on of Venture FundingGuideforStartupsIndiaRegion.Thisisatoken ofourconstantendeavortohelpsmallandmediumscale rms reach their true poten3al by exploring ways of mentorship,expansionandfunding. 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 Interna3onalBusinessTimes,Indias3,100startupstoday makethecountrythethird-largestbaseofstartupsinthe worldbynumberofstartups,behindAmericaandBritain. Indiaisalsothefastest-growingstartupdes3na3on,adding about650startupsin2013andmorethan800thisyear, accordingtoNasscom. In the Autumn Edi3on we present to you the comprehensivelistofVentureCapital(VC)rmsinIndia, 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 whichwillbeveryusefulforustohelpyouinabeerway. In upcoming edi3ons we will further cover more rms, more concepts and resources on funding, valua3on and pitching. BestRegards, AlpsVenturePartners 4. Venture Capital Firms ! Major VC Players in India! ! 5. 4pageALPSVENTUREPARTNERS 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 6. 5pageALPSVENTUREPARTNERS 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 7. 6pageALPSVENTUREPARTNERS 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 8. 7pageALPSVENTUREPARTNERS 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. 9. 8pageALPSVENTUREPARTNERS 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 10. 9pageALPSVENTUREPARTNERS 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 11. 10pageALPSVENTUREPARTNERS 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 12. 11pageALPSVENTUREPARTNERS 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 13. 12pageALPSVENTUREPARTNERS 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 14. 13pageALPSVENTUREPARTNERS 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: ARTICULATETHEIDEA Ar3culatetheIdeaintoa workable plan, future expansion, product d e v e l o p m e n t requirementsetc. 1 VALUATION AssessmentofPre-Funding Valua3onofcompanybased onfutureexpansion,current scenario,industryetc. INVESTORPITCH Prepara3on of Business Plan,Promo3onMaterial, Iden3ca3on of VCs, contactmailetc. 2 3 SequoiaGroove:FoundershelpingFounders HBS:EntrepreneurshipResources USSmallBusinessAssocia3onResources 15. Valuation Approaches and Illustration TheScienceandArtbehindValuingyourCompany 16. 14pageALPSVENTUREPARTNERS Approaches and Methodologies MARKETAPPROACH GuidelineCompaniesMethod GuidelineTransac3onsMethod BacksolveMethod COSTAPPROACH BookValueMethod Replacement/NetRealizableValue/ Reproduc3onCostMethod INCOMEAPPROACH DiscountedCashFlowMethod Approach INCOME APPROACH MARKET APPROACH COST APPROACH 17. 15pageALPSVENTUREPARTNERS 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 companys 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 18. 16pageALPSVENTUREPARTNERS 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. 19. 17pageALPSVENTUREPARTNERS 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 20. 18pageALPSVENTUREPARTNERS 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 21. 19pageALPSVENTUREPARTNERS 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 USGAAP 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. 22. 20pageALPSVENTUREPARTNERS 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. 23. 21pageALPSVENTUREPARTNERS 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 24. List of Venture Capital Firms in India 25. 22pageALPSVENTUREPARTNERS 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. Seed/Startup; Early Venture Aavishkaar Venture Management Services Seed/Startup; Early Venture 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 26. 23pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 27. 24pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Middle Market; Mature; Mid Venture; Later Stage 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 28. 25pageALPSVENTUREPARTNERS Venture Capital Firms in India Apax Partners LLP Seed/Startup; Emerging Growth; Turnaround; 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. Seed/Startup; Early Venture; Middle Market; Mature; Mid Venture; Later Stage 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 29. 26pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Middle Market; Mature; Mid Venture; Later Stage 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 Indias strong domestic consumption or infrastructure spending, Indias rising consumer discretionary spend, rural prosperity, and rapid urbanization. Early Venture; Turnaround; Middle Market; Mid Venture; Later Stage 30. 27pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Middle Market; Mature; Mid Venture; Later Stage 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; Turnaround; Middle Market 31. 28pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 portfolio companies. 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 32. 29pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Emerging 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. Seed/Startup; Early Venture 33. 30pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Emerging 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. 34. 31pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. 35. 32pageALPSVENTUREPARTNERS Venture Capital Firms in India Cinema Capital - 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. Seed/Startup; Early Venture 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. 36. 33pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 Seed/Startup; Early Venture; Emerging Growth; 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 37. 34pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. 38. 35pageALPSVENTUREPARTNERS Venture Capital Firms in India Ennovent GmbH Seed/Startup; Early Venture 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 Seed/Startup; Early Venture; Emerging Growth; Mid Venture; Late Venture Everstone Capital Management Turnaround; Middle Market 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. 39. 36pageALPSVENTUREPARTNERS Venture Capital Firms in India 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; Turnaround; Middle Market 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. 40. 37pageALPSVENTUREPARTNERS Venture Capital Firms in India Fulcrum Venture India Seed/Startup; Early Venture 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 Turnaround; Middle Market 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 portfolio companies. Seed/Startup; Early Venture; Incubation 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. 41. 38pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 42. 39pageALPSVENTUREPARTNERS Venture Capital Firms in India Glovoc Inc - 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 firms 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. Seed/Startup; Early Venture; Incubation GVFL Ltd Seed/Startup; Early Venture 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. 43. 40pageALPSVENTUREPARTNERS Venture Capital Firms in India High Street Capital Private Limited - 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. Seed/Startup; Early Venture; Emerging Growth; 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. Early Venture; Emerging Growth; Middle 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. 44. 41pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. 45. 42pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 Seed/Startup; Early Venture 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. 46. 43pageALPSVENTUREPARTNERS Venture Capital Firms in India Incofin Investment Management Seed/Startup; Early Venture; Late Venture Incofin Investment Management is a venture capital firm specializing in seed/start-up, early stage investments, and investments in microfinance institutions and SMEs 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. Seed/Startup; Early Venture; Incubation IncuCapital Advisors Pvt. Ltd. Seed/Startup; Early Venture; Incubation 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 portfolio companies. 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. 47. 44pageALPSVENTUREPARTNERS Venture Capital Firms in India India Quotient Seed/Startup; Early Venture 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 specializing in growth capital investments. It seeks to 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. 48. 45pageALPSVENTUREPARTNERS Venture Capital Firms in India IndiaSocial Fund Seed/Startup; Early Venture 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. Seed/Startup; Early Venture India Venture Advisors - India Venture Advisors is a private equity and venture capital arm of Piramal Enterprises Limited specializing in growth capital investments. It seeks to 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. 49. 46pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 Seed/Startup; Early Venture; Incubation 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. 50. 47pageALPSVENTUREPARTNERS Venture Capital Firms in India Intel Capital Seed/Startup; Early Venture; Emerging Growth; 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. Seed/Startup; Early Venture; Emerging 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. Seed/Startup; Early Venture; Mid Venture; 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.PleasevisittomorrowforcompleteVClist! 51. 48pageALPSVENTUREPARTNERS Venture Capital Firms in India Ixora Ventures Seed/Startup; Early Venture 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 It seeks to invest between $1 million and $50 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 Seed/Startup; Early Venture; Mid Venture; 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. 52. 49pageALPSVENTUREPARTNERS Venture Capital Firms in India Kae Capital Seed/Startup; Early Venture 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 It seeks to invest between $1 million and $50 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. 53. 50pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 Seed/Startup; Early Venture; Mid Venture; Late 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. 54. 51pageALPSVENTUREPARTNERS Venture Capital Firms in India KVP Ventures Seed/Startup; Incubation 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. Mid Venture; Late Venture 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. 55. 52pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 Early Venture; Emerging Growth; Middle 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. Seed/Startup; Early Venture; Emerging Growth; Late Venture; Incubation 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. 56. 53pageALPSVENTUREPARTNERS Venture Capital Firms in India Lok Capital Group - 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. Seed/Startup; Early Venture Matrix Partners India Seed/Startup; Early Venture 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. Seed/Startup; Early Venture; Emerging Growth; Late Venture; Incubation 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. 57. 54pageALPSVENTUREPARTNERS Venture Capital Firms in India Microsoft Ventures Seed/Startup; Early Venture; Incubation 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. Seed/Startup; Early Venture; Middle 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. Seed/Startup; Early Venture 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. 58. 55pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Middle 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. 59. 56pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Emerging Growth; Mid Venture; Late Venture 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. Seed/Startup; Early Venture; Incubation 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. 60. 57pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 Seed/Startup; Early Venture; Mid Venture; Late 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. Seed/Startup; Early Venture 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. 61. 58pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 companys life. Seed/Startup; Early Venture One97 Communications, (Investment Arm) Seed/Startup; Early Venture 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. Seed/Startup; Early Venture; Emerging Growth; Mid Venture; Late Venture 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. 62. 59pageALPSVENTUREPARTNERS Venture Capital Firms in India Partners Group Holding Seed/Startup; Emerging Growth; Turnaround; 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. Early Venture; Emerging Growth; Middle 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. Seed/Startup; Early Venture 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. 63. 60pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture 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. 64. 61pageALPSVENTUREPARTNERS Venture Capital Firms in India PROPARCO Middle Market; Mid Venture; Late Venture; Later Stage The firms 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 Seed/Startup; Early Venture; Emerging Growth; Mid Venture; Late Venture 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. 65. 62pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Emerging 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. Seed/Startup; Incubation 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. 66. 63pageALPSVENTUREPARTNERS Venture Capital Firms in India Saama Capital Management - 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 Seed/Startup; Early Venture 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. 67. 64pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Emerging 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. Seed/Startup; Early Venture 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. 68. 65pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 Seed/Startup; Early Venture; Emerging Growth; 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. Seed/Startup; Early Venture; Emerging Growth; Middle Market; Mid Venture; Late Venture 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. 69. 66pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 Seed/Startup; Incubation 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. Middle Market; Mid Venture; Late Venture 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. 70. 67pageALPSVENTUREPARTNERS Venture Capital Firms in India Startup Village Seed/Startup; Early Venture; Incubation 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 Early Venture; Emerging Growth; Middle 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 71. 68pageALPSVENTUREPARTNERS Venture Capital Firms in India 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 Seed/Startup; Early Venture; Emerging Growth; 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. 72. 69pageALPSVENTUREPARTNERS Venture Capital Firms in India TDA Capital Partners Seed/Startup; Early Venture 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. Early Venture; Middle Market The Blackstone Group Seed/Startup; Emerging Growth; Turnaround; Middle Market; Mature; Late Venture It is a global investment with interest in diverse industries across geographies. Seed/Startup; Early Venture; Emerging Growth; Turnaround; Middle Market; Mid Venture; Late Venture The Carlyle Group LP It is a global investment with interest in diverse industries across geographies. 73. 70pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Emerging Growth; Middle Market; Mid Venture; Late Venture TPG Growth Early Venture; Emerging Growth; Middle 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. Early Venture; Emerging Growth; Middle 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. 74. 71pageALPSVENTUREPARTNERS Venture Capital Firms in India 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. Seed/Startup; Early Venture; Late Venture Unitech Realty Investors Early Venture; Emerging Growth; Middle 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. 75. 72pageALPSVENTUREPARTNERS Venture Capital Firms in India Unitus Seed Fund LLC Seed/Startup; Early Venture 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. Early Venture; Middle Market Utthishta Seed/Startup; Early Venture 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. 76. 73pageALPSVENTUREPARTNERS Venture Capital Firms in India Vertex Venture Holdings Ltd. Seed/Startup; Early Venture; Emerging Growth; Mid Venture; Late Venture 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 Seed/Startup; Emerging Growth; Turnaround; Middle Market; Mature; Late Venture It is a global investment with interest in diverse industries across geographies. 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. Seed/Startup; Early Venture; Emerging Growth; Mid Venture; Late Venture

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