IFC to invest $10 m in New Path Ventures

By SiliconIndia   |   Friday, 29 November 2002, 08:00 Hrs
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MUMBAI: The International Finance Corporation has said that it will invest $10 million in New Path Ventures. The private sector development arm of the World Bank Group also has the authority to invest up to $10 million in future, funding rounds of New Path Ventures` incubated companies for a combined investment of up to $20 million.

New Path’s creates leading-edge technology companies that take advantage of the cost effective development and implementation strengths of India. Each company will also have a product definition and marketing unit in the US. New Path Ventures will create three to five companies by investing approximately $5 to $10 million in each. It will actively manage each company through prototype completion. It has raised the total of $56 million from New Enterprise Associates, ChrysCapital, CMEA Ventures, and Adams Street Partners.

Tushar Dave, principal, New Path Ventures said, "New Path will leverage India’s tremendous technology talent pool by undertaking development of products for all our portfolio companies done in India to serve global markets. We look forward to working closely with IFC in this endeavor."

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