US-based New Enterprise Associates (NEA), which raised $3.1 billion last week in the world's largestventure capital fund, is looking to step up investments in India after going slow over the last two or three years. The VC fund, which has backed startups such as Groupon and online storage service Box in the US, has said that it will look to sharpen its focus on technology related themes.
"Over the last few years, when India was going through its worst crisis, we were very selective, but we will be much more open now," Bala Deshpande, senior MD at NEA told ET. NEA, which raised over $2.5 billion in committed capital for the fourth consecutive time, has invested about $300 million in India till now from its previous two funds and has already started investing from the new fund, with a $10 million infusion in FirstCry. The firm set up its In dia office over seven years ago and has since then built up a portfolio of over a dozen companies.
It counts real estate broking portal IndiaHomes, day-care surgical chain Nova and television shopping firm Naaptol as its portfolio companies. "We are very excited about how technology has democratised a lot of industries," said Deshpande, who also sits on the board of Naukri's owner Info Edge. As it looks at more technology-enabled businesses, NEA will also look at early stage transactions including seed and series-A deals, he added. Early-stage investors deployed over $1 billion in the first quarter of 2015, even as venture capital firms doubled their investments in domestic technology startups from a year ago to $621 million (about Rs 3,875 crore).
"Over the last few years, when India was going through its worst crisis, we were very selective, but we will be much more open now," Bala Deshpande, senior MD at NEA told ET. NEA, which raised over $2.5 billion in committed capital for the fourth consecutive time, has invested about $300 million in India till now from its previous two funds and has already started investing from the new fund, with a $10 million infusion in FirstCry. The firm set up its In dia office over seven years ago and has since then built up a portfolio of over a dozen companies.
It counts real estate broking portal IndiaHomes, day-care surgical chain Nova and television shopping firm Naaptol as its portfolio companies. "We are very excited about how technology has democratised a lot of industries," said Deshpande, who also sits on the board of Naukri's owner Info Edge. As it looks at more technology-enabled businesses, NEA will also look at early stage transactions including seed and series-A deals, he added. Early-stage investors deployed over $1 billion in the first quarter of 2015, even as venture capital firms doubled their investments in domestic technology startups from a year ago to $621 million (about Rs 3,875 crore).
NEA is currently evaluating two-three firms in the software Rs 31 crore in Rezsector. It invested Next Global Solutions, a software as a service (SaaS) player focused on hospitality industry.
"In the US we are the largest investors in enterprise technology and have several unicorns. In In dia we are just starting to see emerging opportunities in the space," said Deshpande.
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