Sudhir Sethi responsible for $150 Million

By siliconindia   |   Wednesday, 13 September 2006, 19:30 IST
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Bangalore: Sudhir Sethi is appointed as the Managing General Partner of IDG Ventures India, which manages a newly established $150 million venture capital fund. IDG Ventures, a global family of venture capital funds is affiliated with International Data Group (IDG).With five independent partnerships managing funds in North America, China, Vietnam, and now India, IDG Ventures is a global network of venture capital funds having a portfolio of 220 investee companies built over the last 15 years. They mainly help these companies understand new markets better and penetrate into them faster than competitors. "We believe the rapid increase in the market for technology products and services in India, combined with the entrepreneurial spirit and talent of its people will create an extremely bright future for venture capital investing in India," said Patrick J. McGovern, Founder and Chairman of IDG, stating the reason for establishing the IDG Ventures India Fund. According to Sethi, "India provides a unique opportunity for investors in early-stage and growth-stage companies with a technology focus. The IDG Ventures India Fund will primarily invest between US$ 0.5 and 5 Million in early-stage technology companies and opportunistically up to US$ 10 Million in compelling growth-stage companies. He further added that these companies would be in IT and BPO services, design engineering, electronics and hi-tech manufacturing, consumer internet and digital media, product application software, semiconductors, telecom and value-added mobile services, financial services, and other emerging technology-enabled areas. Sethi has appointed a team of executives to help him manage the venture fund. Some famed members of the team are Manik Arora, General Partner, Mr. T C Meenakshisundaram (TCM), Chief Financial Officer and Mr. Hemir Doshi, Investment Advisor. There would be an advisory board to support the IDG Venture Fund comprising of Dr. Jagdish Sheth, the world renowned academic, serving on the Board of Wipro, Arjun Malhotra, co-founder of IT conglomerate, HCL Group and currently Chairman & CEO of Headstrong and serial entrepreneur Mr. K B Chandrashekhar, founder of Exodus Communication and e4e. The IDG Venture plans to invest in 20-25 companies in India and the Indo US corridor, over the next five years. One of their key motives is to give investee companies in India expansion routes into China.

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