India a major player in global startups: Paper
By agencies   |   Monday, 19 December 2005, 20:30 IST
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BANGALORE: India is playing a major role in a growing trend of start-up companies that want to become global right from the beginning, a San Jose based paper said. According to a report in San Jose Mercury News, most technology companies set up headquarters in Silicon Valley to take advantage of funding and ideas, but have major operations in places like Bangalore, giving them access to overseas markets as well as pool of quality people. “India, with its booming tech economy and wealth of engineering talent, has become one of the biggest participants in the 'global garage', the paper said. In the past three years, venture capitalists have invested more than $400 million in U.S. based start-ups operating in India, according to TSJ Media, a VC tracking firm in Chennai. Quoting Ash Lilani, head of global markets for Silicon Valley Bank, the paper said the model was used in Israel five or six years ago. In the past 15 months, Silicon Valley Bank has helped as many as 50 valley start-ups set up offices in India.

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