Happy to report that we have announced closure of our eighth fund at $650M. The fund will continue to focus on early stage technology businesses in US, India and Israel. India could account for upto 25% of the fund commitments.
For our India operations, this is a significant increase in commitment. We started investing in India in 2000, and opened our office here in Mar 2006 – one of the very early VCs to do so. Over past couple of years, we have made four investments. More importantly, we have been able to establish a finer understanding of the Indian venture opportunity amongst the entire partnership. Going into our next fund, we feel more and more convinced about the potential that India offers, and more educated about the kind of opportunities we would involve ourselves in. The broad areas of investment will continue to be Internet, Mobile applications, Managed services, Software products, Transaction platforms and the like.
Over past couple of years, we have also grown our team to respond to the increasing set of opportunities we see in India. Recently, we brought Harish Gandhi on board, and he has been a great addition to the team.
Look forward to more exciting times ahead, and an opportunity to partner with great teams in building great businesses.
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We are two people having a search engine product. We developed two technologies to power it. The idea is unique and has great potential.
We don’t have any team yet. The problem is of finding like-minded people. We also don’t have any contacts on our own. Trying our best to find some.
Though we have an exp. mentor, but somehow things are not moving the way they should.
I’d require some kind of advice here, that how should we proceed, how to reach out to like-minded people.
Thanks for your time.
vicku1@gmail.com
Good to hear that Alok. All the best to you and your team.
Was going to ask the same thing as Jaspreet has done above.
$2-5M is a pretty big amount in terms of rupees, and a startup may or may not require that much amount in series A in India just because the equity-cash ratio may not be that compelling for it to jump on the deal.
By the way, how much equity is typically dissolved in a Series A ? Does it differ much if one goes for Angel funding first to scale up to a higher level and then for a Series A, or simply jump the boat and go in for Series A ! (assuming that the business model is validated and scaling up is a milestone)
Waiting more thoughts to shed some light on this !
“around 80% of our business is classic series A – close to version 1 product, some pilots, but no revenues – typically $2-5M from us in first round.”
Alok, this is for India or US or doesn’t matter ?
And how would you define a “pilot” – successful installation / “could be” paying customer ??
Virat, Raghu – here you go.