NVP set to set up shop in India
By siliconindia   |   Wednesday, 09 May 2007, 19:30 IST
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Bangalore: US-based VC firm Norwest Venture Partners (NVP) decided to open its India office, targeting investment opportunities in the areas of consumer, Internet, technology services and product companies, says an Economic Times report. The firm is also keen on participating in private equity deals in India. “We will be opening an office in India by June-July this year and are currently talking to candidates who will represent NVP in the country,” Promod Haque, Managing partner, NVP told ET. The firm is looking at having about 20-24 investments in the country in the next 2-3 years. Currently, 27 of NVP’s active portfolio companies have their operations in India. It plans to invest about $300 million over the next three years. The amount of investment would be in the range of $15-20 million in each company. The VC firm will focus on the spaces of consumer Internet and digital media, second generation service firms (like product development firms, KPO, firms providing online services like advertising and semiconductor companies) and product companies. Haque also told ET that it would actively encourage portfolio companies to go in for acquisitions and buy-outs both in India and overseas. While NVP in India has been primarily associated with early stage investments, the firm sees an opportunity in what Haque calls “high-end of VC and low end of PE capital market space”. These would be PE deals in the range of $100 million, where NVP could be part of syndicate.

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