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69 VCs to invest in Indian IT firms:Study
By agencies
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Monday, 21 March 2005, 20:30 IST
BANGALORE:About 69 Venture Capitalists and private equity funds have shown interest in investing in Indian IT firms, a recent study has revealed. Out of the 69 firms that have shown interest, 55 are foreign firms who are looking at strategic investments in Indian IT companies.
The study, conducted by Mumbai based Dickenson Intellinetics said the excellent work of the Indian IT companies that has generated revenues of $12 billion, has attracted the attention of foreign Venture Capitalists like Apex Partners, Battery Ventures, Francisco Partners, Norwest Venture Partners, Silver Lake Partners and Trident Capital. Indian VC firms like ICICI Ventures, IL&FS Investments, Jump Startup and Intel Capital too are interested in having a pie of the investment.
Dickenson said twenty-three firms are looking at micro-investments to the tune of less than $1 million, while 14 are looking at slightly bigger investments ranging from $1 million to $5 million. "These companies are open to investing in small ventures provided they have scalability in the future, it added.
It said factors like second-largest English-speaking IT professionals after the United States; a huge ready IT labor of about 400,000 and about 125,000 engineers graduating each year are instrumental in attracting the VCs to look at India for better prospects.