Nile River VP Guide For Startups

Venture Funding Guide !
for Startups - India!

!
Autumn 2014!
Alps Venture Partners!
Contents
1 Execu3ve Summary

2 Venture Capital Firms
Major VC Players in India
Approach Guidance

3 Valua3on 101
Methodologies

4 Our Services

5 Comprehensive VC List

A L P S V E N T U RE P A R T N E R S
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Executive Summary
We are pleased to present our rst edi3on of Venture
Funding Guide for Startups India Region. This is a token
of our constant endeavor to help small and medium scale
rms reach their true poten3al by exploring ways of
mentorship, expansion and funding.

Since the beginning of decade, India has made huge
progress and catapult its status to be one of the best
emerging investment regions in the world. As per
Interna3onal Business Times, Indias 3,100 startups today
make the country the third-largest base of startups in the
world by number of startups, behind America and Britain.
India is also the fastest-growing startup des3na3on, adding
about 650 startups in 2013 and more than 800 this year,
according to Nasscom.

In the Autumn Edi3on we present to you the

comprehensive list of Venture Capital (VC) rms in India,
which will help you in great length to iden3fy the
appropriate VC to pitch for. Further we have provided
resources to prepare Investor Pitch along with Valua3on
Basics to understand the methodologies to value
companies in a be\er way. Please share your feedback
which will be very useful for us to help you in a be\er way.
In upcoming edi3ons we will further cover more rms,
more concepts and resources on funding, valua3on and
pitching.

Best Regards,

Alps Venture Partners
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Venture Capital Firms !

!
Major VC Players in India!
Helion Venture Partners

Helion Ventures Partners is a $605 Million India-focused, early to mid-stage venture
fund, investing in technology-powered and consumer service businesses. It invests
between $2 million and $10 million in each company with less than $10 million in
revenues. The firm also participates in future rounds of financing in syndication with
other venture partners and seeks a board seat in its portfolio companies. It prefers to
exit its companies through public market listing, strategic sales, or transfer the stake
to another private equity firms.
Industries: Outsourcing, Internet, Mobile, Technology
Products, Retail Services, Healthcare, Education and
Financial Services.
+91 80 4018 3333

+91 124 461 5333
contact@helionvc.com
Portfolio Companies
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Accel Partners
Founded in 1983, Accel Partners has global presence in Palo Alto, London, New
York, China, and India. They typically make multi-stage investments in internet
technology companies. The firm considers investments between $0.5 million and
$50 million in its portfolio companies. It seeks to take a minority stake in the
portfolio companies.
Industries: Infrastructure, Internet & Consumer Services,
Mobile and Software & Cloud-Enabled Services
+91 80 4123 2551

+91 80 4353 9800
siliconvalley@accel.com
Portfolio Companies
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Blume Venture Advisors

Blume Venture Advisors is a venture capital firm specializing in early-stage seed,
start-ups, pre-series A, series B, and late stage investments. The firm prefers to
invest in 80 percent in technology ventures and 20 percent in alternative technology
sector including clean technology and robotics. It provides seed funding between
$0.05 million and $0.3 million in seed stage and doubles its investment size where it
co-invests. The firm also makes follow-on investments to its portfolio companies,
ranging between $0.5 million and $1.5 million. It seeks to co-invest with angel
investors, syndicates, and venture capital firms. The firm also provides mentoring
and support to its portfolio companies.
Industries: internet and software sectors, data infrastructure,
https://www.linkedin.com/
biotechnology, mobile application, telecommunications
in/karthikreddyb
equipment, media, consumer internet, research and
development, mobile,
Portfolio Companies
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Sequoia Capital India

Sequoia Capital India is a venture capital firm specializing in investments in
startup, seed, early, mid, late, expansion, public and growth stage companies.
The firm prefers to invest in the information technology companies with a focus
on the emerging India-US cross border companies. It seeks to invest between $0.1 million and $100 million in
its portfolio companies. The firm invests between $100,000 and $1 million in seed stage, between $1 million
and $10 million in early stage, and between $10 million and $100 million in growth stage companies. It prefers
to act as the lead investor in most transactions.
Industries: Consumer, Energy, Financial, Healthcare,
Outsourcing, Technology
+91 80 4124 5880

+91 22 4074 7272
+91 11 4956 7200
Portfolio Companies
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Nexus Venture Partners

Nexus Venture Partners is a venture capital firm specializing in start-ups,
early stage, and early growth stage investments. The firm typically invests
between $0.5 million and $10 million in early / early-growth stage companies.
The firm also invests up to $0.5 million in their seed program.
The firm also participates in follow-on investments at later stages for companies that successfully execute their
business plans. The firm can do multiple rounds going up to $20 million. It takes minority stake that varies
from 20 per cent to 40 per cent. The firm prefers to take a board seat in its investee companies and do not seek
to control or manage the company they invest in.
Industries: Technology, consumer and business services, media,
energy, agribusiness, outsourced services, Internet, rural sector, cloud,
storage, infrastructure, big data analytics, data security, and mobile.
+91 80 4945 6600

+91 22 6626 0000
plans@nexusvp.com
Portfolio Companies
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Inventus Capital Partners

Inventus Capital Partners is a venture capital firm specializing in early seed
phase, seed-prime, series-A, startup, early stage, mid venture, and earlygrowth investments. The firm does not invest in capital intensive companies
like semiconductor. It typically leads the first venture round with $1 million to
$2 million and invests from $0.25 million up to $10 million as businesses grow. The firm seeks to acquire a
board seat in its portfolio companies. Inventus Capital Partners was founded in 1993 and is based in Menlo
Park, California with an additional office in Ebene, Mauritius and Bangalore, India.
Industries: Consumer, Hotels, Restaurants and Leisure, Media,,
Internet and Catalog Retail, Healthcare, Information Technology,
Technology Hardware and Equipment, Telecommunication etc.
+91 80 4125 6747

mangala@inventuscap.com
Portfolio Companies
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IDG Ventures
IDG Ventures India is a venture capital firm specializing
in startup, early stage and growth stage and expansion
stage companies. It primarily invests in companies based
India but also invests in companies outside India thatinwant to leverage India as an offshore resource base and/or
want to drive significant sales revenue from the Indian market. The firm typically invests between $0.5 million
and $10 million. IDG Ventures India was founded in 2006 and is based in Bangalore and Delhi.
Industries: Digital Consumer Internet, Mobile, Media and
Technology Enabled Consumer Services; Enterprise Software
SaaS, Software Products and Enterprise services; Engineering
Medical Devices, Clean-tech and IP-led Businesses
+91 80 4043 4836

+91 11 3019 4145
contact@idgvcindia.com
Portfolio Companies
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Canaan Partners
Canaan Partners is a venture capital firm specializing in all stages of
development, seed financings, start-ups, growth and early stage
investments, typically Series A and B financings.
It seeks to invest globally with a focus on Asia including India, Israel, and United States. The firm typically
invests between $0.05 million to $80 million in its portfolio company. It prefers to exit its investments within
seven to 10 years.
Industries: Technology- Advertising & Marketing, Big Data/
Cloud, Consumer, Enterprise/SaaS, FinTech, Hardware;
Healthcare Biopharma, digital Health & MedTech.
+91 124 4301841

IDEA@canaan.com
Portfolio Companies
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SAIF Partners
SAIF Partners is a private equity and venture capital firm specializing in
incubation, seed, early-stage, late stage, and growth capital investments.
The firm invests organically and through acquisitions.
The firm typically invests between $10 million and $100 million, in one or more rounds of financing, with
investments between $200,000 to $500,000 in early stage companies, and between $30 million and $35 million
in more mature unlisted ventures. For public market transactions, investments start at about $10 million. It
seeks to obtain a significant minority equity ownership position in the range of 10 percent to 40 percent of a
portfolio company along with a seat on the board of directors.
Industries: IT, ITes, Industrials, Financial Services,
Internet, Consumer Product, Mobile
+91 124 496 5500

info@saifpartners.com
Portfolio Companies
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Approach Guidance
Before contacting the VCs, you have to articulate your idea into a Investor Pitch or Business Plan
and assess the value of your firm through a Valuation. The three important prerequisites are:
ARTICULATE THE IDEA
VALUATION
INVESTOR PITCH
Ar3culate the Idea into a

workable plan, future
e x p a n s i o n , p r o d u c t
d e v e l o p m e n t
requirements etc.
Assessment of Pre-Funding
Valua3on of company based
on future expansion, current
scenario, industry etc.
Prepara3on of Business
Plan, Promo3on Material,
Iden3ca3on of VCs,
contact mail etc.
Sequoia Groove: Founders helping Founders

HBS: Entrepreneurship Resources
US Small Business Associa3on Resources
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Valuation Approaches and Illustration

The Science and Art behind Valuing your Company
Approaches and Methodologies

INCOME APPROACH
Discounted Cash Flow Method
INCOME
APPROACH
MARKET
APPROACH
MARKET APPROACH
COST
APPROACH
Guideline Companies Method

Guideline Transac3ons Method
Backsolve Method

COST APPROACH
Book Value Method

Replacement/ Net Realizable Value/
Reproduc3on Cost Method
Approach
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Generally Accepted Valuation Methodologies

I Income Approach
The income approach recognizes that the value of an investment is premised on the receipt of future economic
benefits. These benefits can include earnings, cost savings, tax deductions and the proceeds from disposition.
Discounted Cash Flow Method (DCF Method) is a form of the income approach that is commonly used to
value businesses or equity interests.
M Market Approach
The market approach assumes that companies operating in the same industry will share similar characteristics
and the company values will correlate to those characteristics. Therefore, a comparison of the subject company
to similar companies whose financial information is publicly available may provide a reasonable basis to
estimate the subject companys value.
C Cost Approach
The cost approach considers reproduction or replacement cost as an indicator of value. The cost approach is
based on the assumption that a prudent investor would pay no more for an entity than the amount for which he
could replace or re-create it or an asset with similar utility.
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Enterprise Stages
Stage
Description
No Product Revenue and limited expense history with, an incomplete management team with an idea, a plan, and
possibly some initial product development. Typically, seed capital, or first-round financing, is provided during this stage
by friends and family, angels, or early stage venture capital firms.
II
No Product Revenue but substantive expense history because of product development and business challenges. Series A
or Series B funding happens with early stage venture capital firms, which may provide management or BOD expertise.
III
Significant progress in product development; key development milestones have been met (for example, hiring of a
management team); and development is near completion (for example, alpha and beta testing), but generally, there is no
product revenue. Typically, later rounds of financing from venture capital firms and strategic business partners.
IV
Additional key development milestones are met (for example, first customer orders or first revenue shipments) and has
some product revenue, but it is still operating at a loss. Typically, mezzanine financing rounds occur during this stage.
Also, it is frequently in this stage that discussions would start with investment banks for an initial public offering (IPO).
Enterprise has product revenue and has recently achieved breakthrough measures of financial success, such as operating
profitability or break-even or positive cash flows. A liquidity event of some sort, such as an funding, IPO or a sale of the
enterprise, could occur in this stage.
VI
Enterprise has an established financial history of profitable operations or generation of positive cash flows. Some
enterprises may remain private for a substantial period in this stage. An IPO could also occur during this stage.
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Introduction and Services

We aim to be a leading independent global Valuation and Hedge fund service provider, operating in
key onshore and offshore global financial centers including USA, UK and India.
Founded by former Big Four audit valuation experts with in-depth industry
knowledge in Information Technology, e-Commerce, Electronic Equipment
and Instruments, Advertising, Internet Software & Services,
Banking & Insurance, and Healthcare & Life Science, etc.
We deliver a bouquet of valuation services under one roof

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Strategic Valuation Services

Our strategic valuation services include advising senior management, boards of directors,
shareholders and promoters of public and private companies on evaluating transactions for
acquisition or divestment opportunities, raising capital, considering mergers, de-mergers, joint
ventures or divestitures.We assess critical value drivers of the business and advise clients on the fair
value of their businesses.
Fairness Opinion
Joint Venture Valuation
ESOP Valuation
We provide independent advice to

shareholders, promoters and
boards of directors to assess
reasonableness and fairness of the
price and terms of a transaction,,
for transaction negotiations and in
related party transactions
We evaluate JV relationships and

advise our clients on their JV entry
and exit assessments. We also
assist our clients in determining
contributions of the JV partners,
whether in the form of cash or
intangibles
We value the ESOP awards with

Relative TSR metrics, using
sophisticated modeling techniques
such as Monte Carlo Simulation /
Lattice tools which allow clients to
quickly and accurately value new
grants, whether they are market
stock units, index outperformance
grants or percentile ranks grants
Internal Valuation
We offer independent advice to
boards of directors to help them
determine the right price to pay or
accept for a business.
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Business Valuation Services

We assist boards of directors and key stakeholders in evaluating, identifying and valuing intangibles
pre- and post- acquisitions and carry out purchase price allocations for US GAAP and IFRS. We
carry out annual impairment testing under US GAAP, IFRS and Indian GAAP.Our team also assists
private equity and venture capital funds in determining fair valuations of their portfolio investments.
Intangible Asset
Purchase Price Allocation
Portfolio Valuation
We value intellectual property

assets like patents, copyrights,
trademarks, trade names or brands,
research and development assets,
products in R&D stages, etc. We
review license and franchise
agreements from a valuation
perspective. We also value and
evaluate intangible assets like
contractual and non-contractual
customer relationships, core
deposit intangibles, customer lists
and non-compete agreements.
We assist our clients in evaluating,

identifying and valuing intangibles
for the purpose of purchase price
allocations (PPA) and in
understanding accounting impacts
before deal execution by carrying
out pre-deal PPAs.
We assist private equity and VC

funds by establishing and
determining the fair value of their
unquoted investment portfolios
which can facilitate the making of
strategic decisions.
Impairment Testing
We assist clients in reviewing
annual goodwill impairment by
valuing each reporting unit and
applying the two step process
involving evaluation of indication of
impairment and quantification of the
amount of impairment, if any.
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Transaction Support Services

With the increase in M&A transactions in Indian business landscape, valuation issues have become
increasingly important considerations in corporate business operations.
Pre-Funding Valuation
Financial Modeling
Spin Off / Exit Valuation
Valuing the Business for funding

consideration. We assess critical
value drivers of the business and
advise clients on the fair value of
their businesses, which can be
used as a support and starting
point for further negotiations.
Whether it is evaluating new

business ventures, proposed
transactions or financial and
operational strategies, a robust and
dynamic financial model is an
integral component to the
decision-making process.
Valuation an arm or reporting unit

of Business for Spin off, cave out,
management buy outs etc.
Valuating the business for exit
plans considering the value
addition and synergy created.
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ALPS Advantage
Alps Venture Partners has established a team of experts that have experience in valuing businesses across
diverse industry sectors and all developmental stages, ranging from clients with seed funding to pre-IPO stage.
With the team having experience of both valuations and audits, our detailed and insightful valuation appraisal
reports, along with our responsive support, help our clients easily pass through any stringent audit review
process in a smooth, efficient and time-bound manner.
01
02
Ex-Big Four valuation specialist
Experience of 1000+ Business

Valuation Appraisals.
03
Strong domain expertise across

Industries and Verticals
04
Adept in Start-up and Early Stage

company Valuation
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List of Venture Capital Firms in India
Venture Capital Firms in India

5ideas Inc.
Aarohan Ventures
It invests between INR 25 lakh ($0.04 million) to

INR 1.5 crore ($0.27 million) and can go upto INR
2.5 crore ($0.46 million) in follow-on rounds.
5ideas Inc. founded the firm in 2012 and is based in
India.
Aarohan Ventures is an incubator and venture

capital firm specializing in seed and early stage
investments. The firm typically invests in
education, healthcare, technology for impact, and
livelihood sectors.
Seed/Startup; Early Venture
Aavishkaar Venture Management Services
Abraaj Capital
The firm prefers to invest in micro and small

enterprises that increase income in or provide
necessary goods and services to rural or semi-urban
India. It considers investments in bottom-of-thepyramid (BoP) space. It typically invests between
$0.47 million and $8.00 million.
The firm seeks to make equity investments

between $0.5 million and $100 million; typically
investing $10 million to $100 million in private
equity investments as well as in real estate. The
firm acquires controlling or significant interest
and seeks board representation.

Seed/Startup; Early Venture; Emerging

Growth; Turnaround; Middle Market
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Actis Capital
Aditya Birla Private Equity
The firm seeks to invest between $5 million and $100

million in its portfolio companies. It provides
minimum equity investment of $50 million for buyout
and growth transactions. The firm seeks controlling or
minority stake in the portfolio companies, for a period
of three to six years.
Emerging Growth; Turnaround; Middle Market;
Mature; Mid Venture; Late Venture
It makes invests in unlisted mid-market

companies. It does not invest in real estate and
hard infrastructure. It invests through equity,
quasi-equity or equity linked instruments in
companies. The firm is sector-agnostic. Deal size
between $ 4.11 - $ 25.0 million.
Seed/Startup; Early Venture; Middle
Market; Mature; Mid Venture; Later Stage
Advent International Corporation
AIF Capital Limited
For VC investments, the firm seeks to make equity

investment between $5 -$20 million. It prefers to exit
an investment between three - seven years or until
the company is ready to move to its next stage of
development either through a trade sale to another
company, through flotation or IPO's, or acquisition
by another PE firm.
Seed/Startup; Emerging Growth; Turnaround;
Middle Market; Late Venture; Later Stage
AIF Capital Limited is a private equity and

venture capital firm specializing in middle
market, expansion, buyouts, recapitalization,
special situations, and growth capital investments.
It will not invest in real estates. The firm prefers
to invest in traditional industries.
Emerging Growth; Turnaround; Middle

Market
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Aldrich Capital Partners
Aloe Private Equity SAS
The firm typically invests between $5 million and $20

million in companies with annual sales between $5
million and $50 million and EBITDA of at least $1
million. It also invests in family and founder-owned
firms seeking growth capital or shareholder liquidity,
or both.
It typically invests between 2 million ($2.99

million) and 20 million ($26.68 million) per
company with revenue up to 100 million
($136.37 million). Aloe Private Equity SAS was
founded in 2004 and is based in Paris, France
with additional offices in Mumbai, India.
Middle Market; Mature
AMP Capital Investors Limited
Angelico Ventures
The firm primarily provides its services to private

investors, institutions, advisers, and AMP financial
planners. It manages separate client focused
portfolios for its clients. It invests between $10
million to $50 million per asset and would be bought
and sold during the life of the fund.
It invests in life sciences, cancer, heart disease,

neurodegenerative diseases, ageing and other
therapeutic areas. The firm invests between $1
million to $10 million including follow-up
investments and no single investment is greater
than 20% of active fund.
Seed/Startup; Early Venture; Mature; Mid

Venture
Emerging Growth; Turnaround; Middle

Market
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Apax Partners LLP
APIDC Venture Capital Ltd.
It invests in late ventures, growth capital, leveraged

acquisitions, management buyouts, buy-ins, and
recapitalizations. It typically invests in technology
and telecommunications; retail and consumer;
financial and business services; media; and healthcare
sectors.
Middle Market; Mature; Late Venture
Helps financing in all industry sectors in the

Andhra Pradesh. It also acts as an incubator of
Internet start-ups focusing on information
technology and seeking to expand internationally.
It investments do not exceed $0.4m and its target
return is 30% in a period of 5 to 7 years.
ArthVeda Fund Management Pvt. Ltd
Artiman Managment LLC
ArthVeda Fund Management Pvt. Ltd is a venture

capital and private equity arm of Dewan Housing
Finance Corp. Ltd. It also manages real estate funds
and also provides debt to infrastructure sector.
The firm is sector agnostic, usually invests in the

technology sector with a focus on medical, home
healthcare, enterprise software, environmental
and energy-related technologies, manufacturing
technologies, and life sciences investments with
investments of $0.1 - $4 million.
Seed/Startup; Early Venture; Mid Venture;

Incubation
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Ascent Capital Advisors
Asian Healthcare Fund
The firm typically invests between $1 million and $30

million. It prefers to acquire controlling stakes in
portfolio companies however does not generally seek
operating control. The firm prefers to exit though
public listing or other exits and typically holds its
investment for four to six years.
ASIAN Healthcare Fund is a venture capital and

private equity arm of Dabur India Ltd.. The firm
seeks to invest in the healthcare and life sciences
spectrum. The firm seeks to invest between $5
million and $20 million. It seeks either minority
or majority stakes in its portfolio companies.
Turnaround; Middle Market
Aureos Capital Limited
Avendus PE Investment Advisors
It typically invests between $0.035 million to $80

million in companies with revenues between $6
million and $35 million. Aureos Capital Limited was
acquired by Abraaj Capital. The firm invests in
businesses which have an operating history of
between three years and seven years.
It has a preference for sectors which benefit from

Indias strong domestic consumption or
infrastructure spending, Indias rising consumer
discretionary spend, rural prosperity, and rapid
urbanization.
Seed/Startup; Early Venture; Emerging Growth;

Mid Venture; Late Venture
Early Venture; Turnaround; Middle

Market; Mid Venture; Later Stage
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Axis Private Equity Ltd.
Axon Partners Group
Axis Private Equity Ltd is a private equity and

venture capital arm of AXIS Bank Limited
specializing in growth capital. The firm seeks to
invest in infrastructure sector. It typically invests at
least $10 million with no upper limit.
The firm prefers to invest in technology focused

companies, nanotechnology, biotechnology,
telephone equipment, environmental and facilities
services, heavy electrical equipment, digital,
materials, energy, and water purification.

Baer Capital Partners Ltd.
Bain Capital Private Equity
Baer Capital Partners Ltd. is a privately owned

investment manager. It sponsors and manages hedge
funds and private equity for its clients. The firm
seeks to invest through its fund, Beacon India Private
Equity Fund L.P.
It seeks to invest between $5 million and $1

billion in companies in diversified industries. It
was founded in 1984 and is based in Boston,
Massachusetts
Middle Market
Early Venture; Emerging Growth;

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Banyan Tree Finance Pvt. Ltd.
Basil Partners
It seeks to invest in the small and medium companies

in the industrial sector in India. It typically invests in
companies which have revenues in excess of $20
million. The firm seeks board representation in its
The firm seeks to invest in North America,

Europe, and Asian countries with a focus on
India. It makes equity investments in the range
between $1 million and $ 5 million with a
minimum revenue of $5 million.
Middle Market
Emerging Growth
Battery Ventures
BCP Advisors Pvt. Ltd.
Focused on the, consumer finance; consumer

internet; mobile; software; technology enabled
services; BPO / ITES; components, infrastructure
and communications services; and clean technology
sectors.
Headquartered in Mumbai, BCP Advisors focus

on diversified industries to invest.
Seed/Startup; Emerging Growth; Middle

Market; Mature; Late Venture; Later Stage
Middle Market
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Berkeley Partners LLP
Bessemer Venture Partners
Berkeley Partners LLP, doing business as Berkeley

Energy LLP, is a venture capital firm specializing in
renewable energy infrastructure investments in
developing markets. It primarily invests in Asia. It
has office in New Delhi, India.
It typically makes investments in the range of $.1

million and $75 million. The firm seeks to
acquire a seat on the Board of Directors of the
portfolio companies. Bessemer Venture Partners
was founded in 1911.
Emerging Growth

Growth; Late Venture; Incubation
Bharti Airtel Ltd, Investment Arm
BlueRun Ventures
Bharti Airtel, Investment Arm is a principal

investment firm specializing in seed and startup
investments. It seeks to invest in companies in the
telecommunication, software and services industry.
The firm primarily focuses on investments in

mobile businesses. It also invests in technology
industry. It prefers to make initial investments
ranging between $1 million and $6 million with
additional capital reserved for follow on rounds.
BlueRun Ventures was formerly known as Nokia
Venture Partners.
Seed/Startup

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BTS Investment Advisors Ltd.
Canbank Venture Capital Ltd.
It is a PE and VC arm of BTS Belvoir Trust AG

specializing in growth capital investments in early,
mid to late growth stage companies. The firm does
not invest in start-ups. It prefers to invest in
pharmaceuticals, engineering, information
technology, telecommunications, and energy sectors.
It invests a from $0.2 - $2.3 million in small to

medium sized companies with high growth
potential, specifically IT, telecommunications,
Internet start-up or early venture, and
manufacturing companies developing new
industrial and technological processes.
Growth; Mid Venture; Late Venture
Emerging Growth; Mid Venture; Late Venture
Caspian Advisors Private Limited
Catalyst Microfinance Investment Company
It typically invests in the Non-banking financial

companies and diversified financial sector. The firm
seeks to invest in companies based in India. Caspian
Advisors Private Limited is based in Hyderabad,
India with an additional office in Gurgaon, India.
It primarily seeks to invest in emerging micro

finance institutions with a focus on banks, nonbank financial institutions, co-operatives, and
NGOs which are willing and able to transform
into a commercial for-profit institution. It
typically holds its investments for a period of five
to seven years.
Seed/Startup
Seed/Startup
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Catamaran Investment Pvt Ltd
CEA Capital Advisors, LLC
The firm seeks to invest globally with a focus in

India. Catamaran Investment Pvt Ltd. was founded in
2009 and is based in Bangalore, India with additional
offices in London, United Kingdom.
It invests in communications, media and

entertainment, and IT sector with a focus on
broadcast radio and television, programming and
content, telecommunications, outdoor advertising,
publishing, wireless communication, and internet
services.
Middle Market, Mature
Seed/Startup; Early Venture; Late Venture

Centre for Innovation Incubation and Entrepreneurship
Cheraman Financial Services Ltd
It seeks to invest between INR0.1 million ($0.0016

million) and INR100 million ($1.64 million). It
prefers to hold its investments across a horizon of
five to seven years. The firm also provides office
infrastructure including office cubicles, co-working
space, and access to infrastructure at IIM,
Ahmedabad.
The firm typically invests in Kerala. It prefers to

invest between INR10 million ($0.15 million) and
INR250 million ($4 million). It may also consider
larger investments jointly with national funds.
Cheraman Financial Services Ltd, Investment
Arm is based in Vytila, India with an additional
office in Cochin, India.
Seed/Startup; Early Venture; Incubation

Seed/Startup
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Cinema Capital
CLSA Capital Partners
Cinema Capital is a venture capital firm specializing

in growth capital investments. It seeks to invest in the
Movies and Entertainment. It is based in Mumbai,
India.
It invests in opportunities arising from domestic

demand, asset reflation, leveraged buyout, real
estate properties, and interregional trade. It also
invests in the office, industrial, retail, and mixeduse properties. The firm typically invests between
$25 million and $75 million in the real estate.
Emerging Growth; Middle Market
Contrarian Drishti Partners
Crestlight Venture Partners, LLC
The firm seeks to invest in education, healthcare,

livelihood generation, housing, energy/utilities, food
and agribusiness, and agricultural sectors. It seeks to
invest in under-penetrated Indian markets with a
focus on Eastern states. The firm invests between $
0.1 - $5 million in companies with revenue visibility
of at least $0.17 million, for over three rounds.
It typically invests an average amount of $0.2

million. The firm seeks syndication with strategic
investors. It seeks preferred stock and or debt
securities of the companies they believe are at
prices below their intrinsic value. The firm
prefers to insert CXO positions in its
investments.
Early Venture

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32

Darby Overseas Investments, Ltd.
Dev Venture Fund
It primarily invests in the consumer products and

services, specialty retail, distribution, packaging,
manufacturing, hotel management, financial services,
media, and publishing sectors. It typically invests
between 5 million ($6.88 million) and 25 million
($34.41 million).
Dev Venture Fund is a principal investment firm

specializing in pre-Series A stage and startups. It
seeks to invest in information technology,
telecom and digital businesses. The firm typically
invests between $300,000 and $2 million.
Middle Market
Seed/Startup
Draper Fisher Jurvetson
Duke Industries
The firm invests upto $1 M in seed stage companies,

between $1 - $10 M in early stage, and more than 10
M in growth stage companies. It makes equity
investments in the range between $1 -$20 M with
sales value above $10 M. It seeks to be the lead
investor in its companies' first round of financing and
hold board seat in its portfolio companies.
Late Venture; Later Stage
It prefers to invest in India. The firm prefers to

take a majority or significant minority stake in its
portfolio companies. It also provides merger and
acquisition advisory services. It is based out of
Pune, India
Early Venture; Turnaround; Mid Venture;

Late Venture
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33

East West Capital Partners
Educomp Investment Management Limited
It seeks to invest in pharmaceutical and biologic

manufacturing, medical technology devices,
instrumentation, and healthcare services to the endcustomers which include hospitals and drug discovery
services, and other healthcare-related business with a
focus on healthcare information technology.
Educomp Investment Management Limited is a

venture capital investment arm of Educomp
Solutions Limited. The firm is based in Gurgaon,
India.
Late Venture
Seed/Startup
Elevar Equity, LLC
Emissary Capital, LLC
Elevar Equity is a private equity and venture capital

firm specializing in investing in growth oriented
entrepreneurs building microfinance institutions,
financial services firms, and other companies
providing essential products and services to the base
of the pyramid in emerging markets.
The firm invests globally with a focus on the U.S.

It also invests in small and medium businesses in
the public and private equity, and alternative
markets of China and India. Emissary Capital,
LLC was founded in 2005 and is based in New
York, New York with an additional office in
Maharashtra, India.
Early Venture; Emerging Growth

Emerging Growth
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34

Ennovent GmbH
ePlanet Capital
The firm focuses on making social investments for

people from low income households (Base of the
Pyramid or BoP) and provides backing to for-profit
companies catering to the poor. It does not invest in
idea stage, NGOs or lending institutions.
It majorly invests in IT and Hardware focused

companies. It generally holds an investment over
a period of 5 7 years and exits through IPO/
M&A for liquid shares or cash. The firm seeks
Board representation and preferred stock in its
portfolio companies
Everstone Capital Management
Faering Capital
The firm seeks to invest across companies that have

significant operations in the Indian sub-continent,
Southeast Asia, and India with a focus on major
metro cities including Mumbai, Bangalore,
Hyderabad, Pune, Chennai, and National Capital
Region. It invests between $20 million and $50
million in its portfolio companies.
Faering Capital is a venture capital firm

specializing in growth capital investments. It
seeks to invest in companies based in India. The
firm typically invests between $6.4 million and
$17.1 million in its portfolio companies.

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35

FICCI Investment Arm
Forum Synergies (India) PE Fund
Federation of Indian Chambers of Commerce and

Industry, Investment Arm is a venture capital firm
specializing in growth capital investments. It seeks to
invest in energy, education services, healthcare and
alternative energy sources.
It prefers to invest in healthcare; automotive,

electronic hardware, electrical equipment,
chemical engineering, medical devices,
pharmaceutical, biotechnology, IT etc. It targets
investing between $2 - $10 million in firms with
revenues between $3 - $50 million.
Emerging Growth
Franklin Templeton Investments (India)
Frontline Strategy Limited
Franklin Templeton Investments (India) is a venture

capital firm. It is based in India. Franklin Templeton
Investments (India) operates as a subsidiary of
Franklin Resources Inc.
The firm targets investments in companies in

energy, manufacturing, services, consumer
durables and apparels, power, information
technologies, business process outsourcing,
internet, real estate derivative plays to retail
chains, media or entertainment, entertainment
equipment, telecom, life sciences, healthcare.
Early Venture; Emerging Growth;
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36

Fulcrum Venture India
Gabriel Venture Partners
It has preference towards fast moving consumer

goods, financial services, healthcare, pharmaceutical,
wellness, niche retail, consumer durables, education,
and information technology and technology. The firm
seeks to invest in India. The firm seeks to invest
between INR 5 crores - INR 20 crores.
It typically invests in clean tech, networking,

communications, and IT companies with a focus
on wireless, disruptive technology components,
energy efficient LED light sources, algae
biodiesel, infrastructure software and systems,
and enterprise SaaS companies.
Early Venture
Gaja Capital Partners
Garnet Mercantile P Ltd.
It invests in services, broad consumer services,

manufacturing, infrastructure services, human
resource, financial services, education, and retail. It
focuses on domestic sectors within India. The firm
invests between $5 million - $18 million in its
The company focuses on Indian startups, early

stage, and incubation businesses in the industry of
Information Technology. It has $4 million in
capital under management, and its fund (Garnet
Mercantile Fund) was launched in 1996 and
collected $2 million.


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37

General Atlantic LLC
Gennext Ventures
It is a global investment firm with focus on all stages

of enterprise in diversified industries. It typically
invests between $50 million and $500
Gennext Ventures is a venture capital arm of

Reliance Industries Limited specializing in seed,
startup, and early stage investments. The firm was
founded in 2010 and is based in Mumbai, India.
Early Venture; Emerging Growth; Mature; Mid

Venture; Late Venture
Global Business Development Network, LLC
Global Environment Fund
It specializes in investments in renewable energies,

climate change, biotechnology, telecommunication
and information technologies, and agribusiness
sectors.
It seeks to invest in clean energy and

environmental services, independent power, gas
distribution, consumer products, clean energy,
sustainable forestry, timberland, agricultural
processing, transportation logistics, and emerging
markets in businesses that provide cost-effective
solutions to environmental and energy challenges.


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38

Glovoc Inc
Gray Ghost Ventures
Glovoc Inc is a venture capital firm specializing in

growth investments. The firm seeks to invest in
services businesses. It prefers to invest in AsiaPacific, Central and Eastern Europe, Western Europe.
Glovoc Inc is based in India.
The firms focus areas include: microfinance,

social venture investment, and affordable private
schools in low-income communities of emerging
markets. It makes investment between $1 million
and $5 million.
GVFL Ltd
Headland Capital Partners Limited
GVFL Ltd., is the venture capital arm of

Government of Gujarat specializing in seed and startup financing, early stage, and growth capital to small
to medium sized unlisted companies. The firm
invests between $0.1 - $2 million, and generally
takes a minority stake up to 40 percent in each
portfolio company.
It's PE funds seeks to invests in the consumer

goods and services, industrial and manufacturing,
and electronics and technology sector. It seeks to
invests between $40 - $150 million in its PE fund
while it seeks to invest between $10 - $30 million
in its VC fund. The firm prefers to exit its
investment after two to four years.
Early Venture; Emerging Growth; Middle
Market; Mid Venture; Late Venture

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39

High Street Capital Private Limited
Horizen Ventures Management
It is the PE and VC arm of Jubilant Life Sciences Ltd.

specializing in growth and expansion capital
investments. It typically invests in small and medium
enterprises in sectors such as infrastructure service
providers, component manufacturers, asset operators,
and other infrastructure related enablers.
It is a venture capital firm specializing in early

stage investments. The firm considers
investments in the information and
communication technology and internet sector. It
typically invests in companies based in India, the
United States, Africa, and Asia.
Early Stage
ICF Ventures Pvt. Ltd.
ICICI Venture
It seeks to invest in knowledge-based companies,

focusing on information technology, biotechnology
and life sciences, telecommunications, media
services and internet industries. The firm typically
invests in the Indian Silicon Triangle formed by the
cities of Bangalore, Chennai and Hyderabad, and the
Mumbai region.
Mid Venture; Incubation
ICICI Venture is a private equity, venture capital,

and real estate investment arm of ICICI Bank Ltd.
The firm typically invests between $2 million and
$100 million and operates in deal sizes upwards
of $20 million in buyouts besides growth capital
deals.

Market; Mid Venture; Late Venture
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40

IDFC Infrastructure
IDFC Private Equity
IDFC Infrastructure is a venture capital arm of IDFC

Limited specializing in direct or indirect investment
in infrastructure projects and assets with a focus on
growth capital, greenfield, brownfield, and
operational projects. It typically invests between $30
million to $50 million per investment.
IDFC Private Equity is a private equity and

venture capital arm of Infrastructure
Development Finance Co. Ltd. specializing in
growth investments in infrastructure and real
estate. The firm invests between $17 - $55
million in a portfolio company.
IFCI Venture Capital Funds
IFMR Investment Managers
IFCI Venture Capital Funds Ltd. is a venture capital

arm of IFCI Ltd. The firm seeks to invest in seed/
startup and late venture firms. The firm prefers to
invest between $0.1 million and $6.73 million in its
portfolio company. IFCI Venture Capital Funds Ltd.
was founded in 1988 and is based in New Delhi,
India.
It seeks to invest in microfinance institutions. The

firm typically invests in India. The firm provides
senior secured and subordinated debt in the form
of non-convertible debentures. It prefers to exit it
investments in a period of 6 years close ended.
IFMR Investment Managers Private Limited is
based in Chennai, India.
Seed/Startup; Late Venture

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41

IFMR Ventures India Private Limited
IFU
It seeks to invest in the education services, healthcare,

diversified financials, water utilities, and solid waste
collection, treatment and disposal services.
IFU is a venture capital and private equity firm

specializing in financing in the form of equity,
mezzanine, loans, debt and guarantees. IFU was
founded in 1967 and is based in Copenhagen,
Denmark with additional offices in Beijing,
China; New Delhi, India etc.
Seed/Startup; Incubation
IKP Investment Management Company
IL&FS Investment Managers Limited
It seeks to invest in technology, telecommunication

services, communications equipment, life sciences,
pharmaceuticals, and automobiles and components.
The firm prefers to invest in India. It typically
invests between $0.002 million and $0.011 million.
The firm prefers to make seed capital funding in

infrastructure projects in the range of $2 million
and $10 million. The firm seeks to hold its
investments for a period between three years and
five years. It seeks to make private equity
investments in post revenue companies. The firm
prefers to take a seat on the board of directors.

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42

Incofin Investment Management
Incube Ventures Pvt Ltd
Incofin Investment Management is a venture capital

firm specializing in seed/start-up, early stage
investments, and investments in microfinance
institutions and SMEs in developing countries, rural,
cooperatives, financial services, agriculture, and
commercial micro finance institutions.
It is sector agnostic but primarily seeks to invest

in healthcare delivery, vocational education and
skill enhancement, clean energy and eco
businesses, and sustainable rural businesses
innovations. It seeks to invest between Rs 5
million to Rs 1.5 billion with incubation.
IncuCapital Advisors Pvt. Ltd.
India Equity Partners
The firm typically invests between Rs 50 lakh ($0.08

million) and Rs 8 crore ($1. 30 million) in each
portfolio company. IncuCapital prefers to take a
minority stake and becoming a co-founder of the
portfolio companies. The firm prefers taking an
active operational role as an equal stakeholder in its
It seeks to invest in consumer-focused industries

and infrastructure and infrastructure services with
a focus on consumer products, human resource
services, personal care, FMCG and food sector,
healthcare, consumer finance, utility services etc.
The firm typically invests in India with a focus on
Karnataka.

Middle Market
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43

India Quotient
India Value Fund Advisors Private Ltd
The firm focuses on investments in B2C companies in

the following sectors: internet and mobile; fashion;
lifestyle; consumer finance; technology-oriented
businesses in the healthcare and education segments;
financial services; food and travel; and consumer
discretionary.
It invests between $25 million and $100 million.

In certain situations. The firm exits its
investments within five to eight years through
IPOs, mergers, takeovers, and joint ventures.
Middle Market
India Venture Advisors
Indiaco Ventures Ltd
India Venture Advisors is a private equity and

venture capital arm of Piramal Enterprises Limited
make investments in the healthcare, pharmaceuticals,
education, social infrastructure resources, and life
sciences sectors. The firm prefers to invest in India
in tier-2 and tier-3 towns.
It typically invests in small and medium

enterprises, where intellectual property is
considered as the key ingredient. It seeks to invest
in manufacturing, entertainment, water, clean
energy, telecommunication, information
technology, healthcare, aerospace and defense,
and energy sector.
Early Venture; Incubation

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44

IndiaSocial Fund
Indocean Chase Capital Advisers
It typically invests in social enterprises with a focus

on employment, education, and training and social
technologies with a focus on solving social challenges
like pollution, pre-harvest efficiency, and affordable
healthcare. It seeks to invest between INR 5 million
and INR100 million in each enterprise.
It invests between $25 million and $100 million.

In certain situations. The firm exits its
investments within five to eight years through
IPOs, mergers, takeovers, and joint ventures.
India Venture Advisors
Indiaco Ventures Ltd
India Venture Advisors is a private equity and

venture capital arm of Piramal Enterprises Limited
make investments in the healthcare, pharmaceuticals,
education, social infrastructure resources, and life
sciences sectors. The firm prefers to invest in India
in tier-2 and tier-3 towns.
Indocean Chase Capital Advisers is an affiliate of

J.P. Morgan Partners that advises on investments
in India and technology investments in Asia
Pacific. The company will provide primarily
equity, amounts ranging from $250,000 to $75
million, give active management and financial
advice in exchange for BOD seat and stake.
Early Venture; Incubation

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45

Indus Balaji Private Equity
IndusAge Partners
It invests in the media, entertainment, logistics,

healthcare, and agriculture services sectors. The firm
targets investing in small and medium enterprises. It
will invest between $4 million and $5 million in each
portfolio company.
The firm seeks to invest in technology space such

as mobility, cloud, telecommunication, consumer
internet, and energy efficiency sectors and also
considers investments in technology enabled
services in education, financial services, health,
and enterprise support with office in Chennai.
Early Venture
Early Venture
Infinity Venture Fund
Innosight Capital
It seeks to invest in products and services that utilize

technology, internet, telecommunications, newmedia, and convergence abilities for investment. It
typically invests in companies based in India.
Infinity Venture Fund is based in Mumbai, India
The firm seeks to invest in early/seed stage

disruptive innovations that dramatically reshape
the availability, cost, and convenience of health
care. It focuses on investments in the health care
market and information and communications
technology.
Seed/Startup

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46

Intel Capital
International Finance Corporation
It focuses on both established and new technologies

that help to develop industry standard solutions, drive
global internet growth, facilitate new usage models,
and advance the computing and communications
platforms. The firm seeks to invest between $300
million and $500 million per year.
Middle Market; Mature; Mid and Late Venture.
International Finance Corporation is a private

equity and venture capital arm of World Bank
specializing in both direct and fund investments.
It seeks to invest in early stage companies. The
firm investments typically range from $1 million
to $100 million.
Growth
Inventus Capital Partners
IvyCap Ventures
It is a technology focused investment firm. It

typically leads the first venture round with $1 million
to $2 million and invests from $0.25 million up to
$10 million as businesses grow. The firm seeks to
acquire a board seat in its portfolio companies.
The firm will focus exclusively on financing

ideas and ventures of graduates from IIT's, IIM's,
and other premier institutes. The firm invests
between $0.3 million and $7 million. The firm
prefers to take a board seat in the portfolio
company. IvyCap Ventures is based in Mumbai,
India.
Late Venture
Please visit tomorrow for complete VC list !

Seed/Startup; Early Venture; Mid Venture
page
47

Ixora Ventures
Jina Ventures
It invests as angel or venture funding or structured

real estate derivative transactions. It seeks to invest in
healthcare, mobile, education, aerospace, and
technology sectors. It seeks to invest in India and the
ASEAN region. The firm typically invests between
$0.05 million and $0.5 million.

million in the companies with revenues between
$20 million and $300 million; and EBITDA
between $5 million and $50 million. The firm
prefers to take a board seat in its portfolio
companies.
Early Venture; Middle Market; Mature; Mid
Venture; Late Venture; Later Stage
JM Financial Investment Managers Limited
Jumpstartup Venture Capital
The firm prefers to invest in retail, fast moving

consumer goods, pharmaceuticals, healthcare,
manufacturing, financial services, KPOs, consumer
services, infrastructure services, information
technology, business process outsourcing services,
logistics, education, and auto ancillaries companies
The firm invests in technology-oriented sectors

and traditional businesses (clicks and mortar)
with a strong understanding of brands,
distribution, and logistics. The firm focuses
primarily in the southwestern region between
Bangalore and Mumbai, as well as Pune,
Chennai, and Hyderabad.
Late Venture
Seed/Startup; Early Venture; Mid Venture

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48

Kae Capital
Kaizen Management Advisors
It invests in technology sector including mobile, ecommerce, education, healthcare, consumer internet
and so on. It prefers to invest in the US and
companies based out of India. It seeks to make
investments between $0.05 - $2.5 million. It typically
invests between $0.2 - $1 million in the first round.

million in the companies with revenues between
$20 million and $300 million; and EBITDA
between $5 million and $50 million. The firm
prefers to take a board seat in its portfolio
companies.
Early Venture
Kalaari Capital
Karnataka Asset Management Company
It typically provides initial capital to be utilized for

customer acquisition, market validation, product
development, and hiring. The firm seeks to invest in
technology savvy companies and technology-enabled
services for India and the global markets. The firm
also invests in materials, energy, financials, biotech,
and industrials sectors.
Seed/Startup; Early Venture; Mid Venture; Late
Venture
The firm provides first round of capital in

Internet Services and High-end Software Service.
The firm prefers to invest in clean energy,
nanotechnology, biotechnology, auto
components, aerospace and defense. It focuses on
investments in Karnataka. The firm prefers to
invest between $0.01 million and $0.46 million.
Early Venture
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49

Kerala Venture Capital Fund
Kin Advisors
It prefers to invest in Information Technology,

Biotechnology and Travel and Tourism Services. It
seeks to invest in companies based in Kerela in India.
It is based in Kochi, India.
Kin Advisors is a venture capital firm

specializing in startup investments. It primarily
invests in real estate advisory and education
sector. The firm also provides advisory services.
Kin Advisors is based in Bangalore, India.
Seed/Startup
Seed/Startup
Kotak Private Equity Group
Kshitij Investment Advisory
It invest consumer businesses like FMCG, retail,

media and entertainment; financial services; life
sciences which includes pharmaceuticals and
biotechnology; IT which included software products
and services; light manufacturing; agri-business;
food processing and infrastructure led services like
healthcare, logistics and distribution.
Venture
It seeks to invest in the retail and real estate

sectors with focus on malls. It seeks to invest in
companies based in India. It is based in Mumbai,
India. Kshitij Investment Advisory Co., Ltd is a
subsidiary of Future Capital Holdings.
Early Venture
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50

KVP Ventures
L Capital Management
KVP Ventures is a venture capital firm investing in

start-ups in information technology, media,
telecommunications, entertainment and biotechnology
companies. KVP Ventures is based in Mumbai, India.
The firm seeks to invest in personal care and

well-being, personal equipment, media, home and
family equipment, and selective retailing. It
invests in India with a deal size between $50
million and $100 million.
Middle Market; Mid Venture; Late Venture
Lazard India Advisors
LIC Housing Finance Ltd
Lazard India Advisors Pvt. Ltd is a venture capital

firm specializing in growth capital. It prefers to
invest in outsourcing services, consumer
discretionary, and Industrials. It seeks to invest in
companies based in India. Lazard India Advisors Pvt.
Ltd based in India.
LIC Housing Finance Ltd., Investment arm is a

venture capital firm specializing in mid venture
and late venture. It prefers to invest in Industrials
and Real Estate. The firm is based in India.

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51

LIFE Fund
Lightbox Management Ltd
The firm invests in four key sectors media and

entertainment, hospitality and tourism, healthcare,
and lifestyle. It also invests in other sectors such as
retail, education, food, consumer finance, and
agritech. The firm invests in companies located in
India or which have substantial India operations.
It seeks to invest in the consumer technology

space with a focus on education technology. The
firm invests in India. It invests between $3
million and $5 million. The firm has an
investment horizon of seven to eight years.
Lightbox Management Ltd is based in India.
Seed/Startup
Early Venture
Lighthouse Advisors India Private Limited
Lightspeed Venture Partners
It focuses in financial services, healthcare, education,

rural consumption, engineering, liquor, agribusiness,
technology, hospitality, education, logistics, light
manufacturing, and food processing companies. It
prefers to invest in the United States and India. The
firm primarily invests between $5 million and $15
million in its portfolio companies.
Market
The firm primarily invests in the following

sectors: enterprise, consumer, big data, bitcoin,
enterprise technology, cleantech, mobile, internet,
financial technology, cloud solutions, ecommerce, storage, media, networking, energy,
software, software as a service, information
technology, biotechnology, and social.
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52

Lok Capital Group
MakeMyTrip Limited (Investment Arm)
Lok Capital Group is a private equity and venture

capital arm of Lok Foundation specializing in bottomof-pyramid customer segment investments. It focuses
on investments in India. It seeks to invest between $1
million and $7 million. Lok Capital Group is based in
Gurgaon, India
It seeks to invest in the hotel and holidays and

travel and tourism space, with a focus on mobile
and IP-based companies. The firm focuses on
investments in India as well as abroad. It prefers
to take minority stake in its portfolio companies.
Matrix Partners India
Mayfield Fund
The firm invests in internet, consumer internet,

eCommerce, travel, vertical classifieds, mobile,
education, education tech, video, SMB tech, local
services, SaaS, online services, financial services,
entertainment, consumer products and services, food,
beverage, hospitality, energy, media, healthcare,
infrastructure services, real estate etc.
In India it invests with a focus on technology,

technology enabled services, consumer services,
infrastructure ancillaries, healthcare services, and
manufacturing opportunities. It typically makes
investments between $1 and $15 million with
revenues between $10 million and $100 million.


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53

Microsoft Ventures
Mitsui & Co. Global Investment Ltd.
Microsoft Ventures operates as an investment arm of

Microsoft Corporation. Microsoft Ventures, formerly
known as Bing Fund, is an incubator and venture
capital firm specializing in seed, growth and angel
investments in startups and early stage investments.
The company also runs an accelerator program.
The firm primarily invests in the IT industry,

specifically in the software, telecommunications,
semiconductor, electronics, services sectors, as
well as the healthcare, consumer, auto
components, construction materials, technology,
cleantech, solar energy, life science etc.
Market; Mature
MMP International
MobME Wireless Solutions (Investment Arm)
It is is a private equity unit of Milestone Merchant

Partners. In India it makes investments in the
technology, entertainment, and communications
sectors in companies that have substantial operations
in India.
The firm typically invests in internet and telecom

verticals. It seeks to invest in India. The firm
invests between $0.02 million and $0.25 million
in its portfolio companies.

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54

Morpheus Capital Advisors
Motilal Oswal Private Equity Advisors
It is the private equity and venture capital arm of O3

Capital Advisors Pvt. Ltd. It targets investing in the
consumption sector with a focus on companies
operating in food and beverages, apparel & retail,
beauty and wellness, travel and tourism, and
education sectors.
The firm prefers to invest in healthcare, consumer

driven businesses, including those in the
information technology and manufacturing fields.
It also invests in real estate with a focus on
residential properties and commercial real estate
in India.
Market; Mature
Seed/Startup
Naya Ventures
Nazara Technologies (Investment Arm)
The firm typically invests in mobile technology,

cloud space, big data, and SaaS sectors. It focuses its
investments in the United States and India based
companies. The firm seeks to invest in the range of
$2,50,000 and $3 million. It prefers to pick up a
minimum of 5 percent stake in its portfolio
companies.
It seeks to invest in gaming space. The firm

invests between INR 25 lakh ($0.4 million) and
INR 50 lakh($0.8 million) in companies.
Seed/Startup; Early Venture; Emerging Growth

Seed/Startup
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55

Nereus Capital
New Enterprise Associates
It targets investing in renewable power generation,

energy efficiency and infrastructure, alternate energy
development, water purification, biofuels,
construction & operation of renewable, power, and
clean energy generation assets or deployment
technologies in India
Seed/Startup; Turnaround; Middle Market; Late
Venture
Within India, the firm invests in alternative

energy, infrastructure services, consumer
services, and agriculture sector. The firm seeks to
invest between $0.05 million and $20 million.
New Silk Route
NewPath Ventures, LLC
It prefers to invest in the consumer services and

FMCG, specialty retail, education, infrastructure,
ports, logistics, telecommunication, media,
manufacturing, IT, e-commerce, engineering,
medical devices, restaurant chains, F&B, valueadded manufacturing and engineering, financial
services renewable energy including wind and solar.
It seeks to invest in technology with a focus on

system, silicon, software, and services. The firm
targets companies based in India and United
States.
Middle Market


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56

Nirvana Venture Advisors
Northgate Capital Group
The firm invests in mobile, internet, network

companies, and electronic payments markets with a
focus on e-commerce, online travel, online
advertising and marketing, mobile and digital content,
and other areas that leverage internet for scale,
distribution or low cost customer acquisition.
Seed/Startup; Early Venture; Late Venture; Later
Stage
Northgate Capital Group is an investment firm

specializing in FOF investments and direct
investments. The firm typically invests in
alternatives, venture capital, buyouts, growth
capital, distressed, special opportunities,
mezzanine, and secondary funds.
-
Norwest Venture Partners
Ojas Venture Partners
For its India-centric early to mid-stage venture

capital investments, it prefers to invest in FMCG,
Internet, telecommunications, financial services, and
education sector.
It prefers to invest in the technology sector with

focus on mobile technology and applications,
telecom, wireless technologies, enterprise
software, SaaS, embedded software, low capex
semiconductor, web applications/services,
consumer internet, and other businesses that use
technology in innovative ways.

Venture; Incubation; Later Stage

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57

Omnia Investments
Omnivore Partners
Omnia Investments is a venture capital firm

specializing in start up and early stage investments.
The firm invests in education and technology sectors.
Omnia Investments is based in India.
It is a venture capital arm of Godrej Agrovet

Limited. The firm seeks to invest in companies
operating in agriculture and agri-tech sectors. It
seeks to invest between INR2 - INR10 crore
initially and between INR20 crore - INR25 crore
over a companys life.
Early Venture
One97 Communications, (Investment Arm)
OrbiMed Advisors, L.L.C.
It invests technology companies with focus on

companies which provide mobile value-added
services and leverage mobile as a key delivery
medium for customers and enterprises, like device
apps, location based services, m-Commerce, video,
and content aggregation.
The firm primarily invests in healthcare, global

health science industry including pharmaceutical,
life science, healthcare services, biotechnology,
biopharmaceuticals, diagnostics, novel therapies
and treatments, health IT, medical device
companies, and companies providing services or
products that are part of treatments.

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58

Partners Group Holding
Peepul Capital LLC
For direct private equity investments, the firm invests

directly into healthcare, consumer, media &
telecommunications, information technology,
industrials, infrastructure/energy & utilities, financial
and business services and real estate operating
companies.
Middle Market
It prefers to invest in Technology Products and

Services, business services, consumer driven
services and products, Specialized Engineering,
media and entertainment, specialized
manufacturing, and telecom sectors. The firm
focuses on investments in India.
Market
Perseus, L.L.C.
Persistent Systems, (Investment Arm)
Perseus, L.L.C. is a private equity and venture

capital firm specializing in investments in industry
consolidations, middle market buyouts, mezzanine,
recapitalizations, growth equity investments, and
later stage venture investments. The firm also seeks
to invest in add-on acquisitions and in businesses
that are undervalued.
Turnaround; Middle Market; Mature; Late
Venture
The firm seeks to invest in social, mobile,

analytics and cloud computing sectors around the
globe. The firm typically invests between $0.1
million and $0.25 million. Persistent Systems
Limited, Investment Arm is based in India.

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59

Pinebridge Investments Asia Limited
Plexus Capital Ventures
It invests in a variety of industries such as

infrastructure-related services, export manufacturing,
consumer products and services, resources-based
industries across Asia.
It invests in energy efficiency, infrastructure

enablers, food and agriculture, and consumptiondriven opportunities. It seeks to invest in India.
The firm typically invests between $1 million and
$5 million in its portfolio companies.
Early Venture; Turnaround; Mid Venture; Late

Venture
Pragati India Fund Pvt. Ltd.
PremjiInvest
It seeks to invest in critical sectors with a focus on

healthcare, education services, and oil and gas
equipment services. It seeks to invest in undergoing
rapid growth and transformation in Northern and
Central India with a focus on low income states. The
firm makes investments in the range of $5 million
and $15 million in companies.
In venture capital, it invests in growth capital.

The firm seeks to invest in technology companies.
It prefers to invest in the United States and China.
PremjiInvest is based in Karnataka, India.

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60

PROPARCO
The firms activities in China, Thailand, Indonesia,
India, Pakistan and Brazil are focused on combating
climate change with a focus on renewable energies
(production or equipment manufacturing) and energy
efficiency in businesses.
Middle Market; Mid Venture; Late Venture;
Later Stage
Punjab Information Communications And

Technology Corporation Ltd
Punjab Information Communications And

Technology Corporation Ltd, Investment Arm is
a principal investment firm. It was founded in
1998 and is based in Chandigarh, India.
-
QUALCOMM Ventures
Rajasthan Asset Management Company
It invests in Software, Hardware, Cloud/Enterprise,

Health Care,
Semiconductor components,
Infrastructure, consumer etc. Qualcomm Ventures,
which started operations in 2000, has invested in
about 95 ventures globally. The company forayed
into India in 2006
It seeks to invest in IT, ITES, hospitality,

education, healthcare, retail, auto components,
agro products, bio-technology, agri-tech, clean
tech, financial services, tourism, entertainment,
logistics, packaging and other technology driven
project, water purification, nanotechnology,
alternative energy resources etc.
Seed/Startup; Early Venture; Turnaround;
Mid Venture

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61

Reliance Capital Asset Management Limited
Reservoir Investment Managers (India) LLP
It is a subsidiary of Reliance Capital Ltd. Reliance

Capital Asset Management Limited was founded in
1995 and is based in Ahmedabad, India.
It does not invest in traditional information

technology services. The firm seeks to invest in
technology sector with a focus on information
technology, software, products, services, and
applications targeting global footprint etc.
Middle Market; Mid Venture; Late Venture;

Later Stage

Growth
responsAbility Social Investment Services
Ryerson Futures Inc.
It seeks to invest in the financial sector including

financial service providers, microfinance, fair trade,
independent media, SME financing, and social
venture capital. In microfinance, the firm seeks to
invest through loans, senior debt, and subordinated
debt. It primarily invests a minimum of $0.25
million.
It prefers to invest in mobile and web based

companies, proprietary or first mover products,
backed by intellectual property, companies that
solve an expensive problem well, and other
software based technology companies. The firm
typically invests in GTA, Southern Ontario, and
India.
Early Venture; Emerging Growth

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62

Saama Capital Management
Sage Capital Advisors
Saama Capital Management, Ltd. is a venture capital

firm specializing in investments in mobile, internet,
IT services, financial services, healthcare, education,
retail and food & beverages sectors in India. Saama
Capital Management, Ltd. was formed in 2006 and is
based in Ebene, Mauritius.
It is a PE and VC firm specializing in investments

in mid-market companies and real estate
investments. The firm focuses on investing in
India. It seeks to invest between $5 million and
$15 million per deal. It was founded in 2008 and
is based in Mumbai,
Sandalwood Capital Partners
Sathguru Management Consultants, Investment Arm
The firm prefers to invest in telecom; outsourcing

services with focus on business, engineering and
media; technology; and renewable energy. It focuses
on cross border investments into Asia and prefers to
invest in India and China. Sandalwood Capital
Partners was founded in October, 2006 and is based
in Bangalore, India
The firm seeks to invest in energy, industrials,

environmental and facilities services, agricultural
products, and life sciences tools and services. It is
based in Hyderabad, India.

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63

SBI Venture
SEAF
SBI Venture is a principal investment arm of SBI

Capital Markets Limited specializing in
pharmaceutical sector. It typically invests between $5
million and $10 million. SBI Venture is based in
India.
The firm seeks to invest in media and

entertainment, construction materials, information
technology, clean and alternative energy,
agribusiness, food, tourism, energy, financial
services, specialized manufacturing, agribusiness,
life sciences, infrastructure related services etc.
Growth; Mature; Mid Venture; Late Venture
Secura Investment Management
Seedfund
It is a Shariah compliant venture capital firm

specializing in growth, privately negotiated equity,
and equity linked investments in unlisted or listed
companies. The firm seeks to invest in sectors related
to real estate activities. It prefers to invest in Kerala
including Kozhikode and Kochi.
The firm prefers to invest in internet, media,

mobile, telecommunications, retail, technology,
and consumer sectors. It focuses its investments
in companies based in India. The firm seeks to
invest between Rs.1 crore ($0.19 million) and Rs.
25 crore ($4.67 million) in each portfolio
company.

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64

SGR Advisors Pvt. Ltd.
Sicom Capital Management
It is a private equity and venture capital investment

arm of Raisoni Group specializing in early stage
investments. It invests in the education sector. It seeks
to invest in various growth sectors in India. SGR
Advisors Pvt. Ltd. was founded in 2008 and is based
in Mumbai, India.
Sicom Capital Management Private Limited was

incorporated in 1996 and is based in Pune, India.
Early Venture
SIDBI Venture Capital Limited
Siemens Venture Capital
It focus in life sciences, clean technology, retailing,

light engineering, food processing, information
technology, infrastructure related services,
healthcare, and logistics and distribution, water and
sanitation, agriculture, and education sectors. It
invests in companies across India with a focus on
eastern states.
Mid Venture; Late Venture; Incubation
The firm seeks to invest in technologies

particularly in industry, materials, automotive,
industrial solutions, digital technology, energy
and environmental care, cleantech, industrial
automation and control, industrial and public
infrastructure and cities including smart grid,
building technologies, lighting, mobility etc.
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65

Softbank China & India Holdings
Srei Alternative Investment Managers Limited
It prefers to invest in the internet, software, telecom

value added services, converged media,
entertainment, and other industries leveraging
technology such as consumer oriented services,
healthcare, and financial services. The firm seeks to
invest in China, India, and Southeast Asia region
The firm invests in infrastructure with a focus on

roads, power, urban infrastructure, airport
services, highways and railtracks, marine ports
and services, and telecommunication service
sector. It is based in Kolkata, India.
Early Venture; Mid Venture; Late Venture
SRI Capital
Standard Chartered Private Equity Limited
It prefers investing in companies with no revenues, a

corporate spin-off team, or a family business. The
firm invests in companies in any industry. It typically
invests in companies based in India, the United
States, and the United Kingdom. The firm typically
invests between $0.50 million and $0.5 million in
companies with two year projections.
The firm typically, invests between $10 million

and $100 million in a single transaction, with a
preference for deals of greater than $25 million. It
prefers to acquire a board seat in its portfolio
companies. The firm prefers to acquire between
10 percent and 49 percent stake in its companies.

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66

Startup Village
Subhkam Ventures
The firm typically invests in the telecommunications,

internet, and information technology sector; but will
consider companies outside of these domains. It seeks
to invest in India. The firm will invest between $0.01
million and $0.25 million in its portfolio companies.
It focuses primarily on student startups.
It invests in technology and information

technology, healthcare, finance, travel, leisure
and tourism, alternate energy among others and
also in smaller infrastructure companies, and
investments in sectors being deregulated and
opened up for private investment/partnerships.
Emerging Growth
Summit Partners LLP
Symphony Capital Partners
It invests across all industry categories with a focus

on education, technology enabled oilfield product
and services, software, communications technology
and services, semiconductors and electronics,
gaming, leisure, Internet and information services,
energy, media and entertainment etc. In India, it
seeks to invests $10 million to $100 million.
Market; Late Venture; Later Stage
The firm prefers to invest in consumer sectors

including healthcare, hospitality, and lifestyle
sectors. It typically invests in companies based in
the Asia Pacific Region including India. The firm
seeks to be a lead investor in its portfolio
companies
Early Venture; Turnaround; Late Venture

page
67

TA Associates Management
Tano Capital LLC
The firm primarily invests in private companies

globally with a focus on technology, consumer and
retail, energy, telecommunication, education, internet
and internet infrastructure, command control and
communication equipment, business to business,
consumer staples, computers, consumer services etc.
It prefers to invest across all sectors including

industrials, infrastructure, telecom, engineering,
retail, insurance, life science, oil and gas, water
purification, cleantech, and pharmaceuticals. It
typically invests between $5 million and $25
million in companies.
Turnaround; Middle Market; Mature
Early Venture; Middle Market
Tata Capital Private Equity
Tata Investment Corporation Ltd.
The firm seeks to make investments in most sectors

including IT, engineering related to high-value IT
services, Construction,, healthcare, life sciences,
healthcare delivery, clean tech, pharmaceutical, auto
components, automotive, manufacturing, agriculture,
financial services, logistics support etc. It typically
invests between $3 million and $200 million.
Turnaround; Middle Market; Mature
Its activities primarily include investing in longterm investments in equity shares and other
securities of companies in a range of industries.
The company also distributes mutual funds and
other investment related securities. Tata
Investment Corporation was founded in 1937.
page
68

TDA Capital Partners
Temasek Holdings (Private) Limited
The firm typically invests in companies based in

Israel, United States, Indian Sub- Continent, and
Central Europe. It seeks to invest from $7 million to
$50 million in its portfolio companies. The firm
prefers to take majority or significant minority equity
positions
It is sector agnostic with a focus on companies

engaged in the telecommunications and media,
banking, real estate, financial services, property,
industrial, life sciences, transportation and
logistics, consumer and lifestyle, education,
energy and resources, power etc.
The Blackstone Group
The Carlyle Group LP
It is a global investment with interest in diverse

industries across geographies.



Turnaround; Middle Market; Mid Venture; Late Venture
page
69

The View Group
Thomas Weisel Capital Management
The firm prefers to make investments in middle

market companies engaged in the labor intensive
business services sector. It typically invests between
$5 million and $20 million. It was founded in 1992
and is based in Boston, Massachusetts with an
additional office in Maharashtra, India.
Invests in emerging IT companies and focuses on

infrastructure, applications, security,
semiconductors, communications, storage,
wireless technologies, Internet services etc. It
seeks be the lead investor and make initial equity
investments between $2 million and $10 million.
Middle Market
TPG Growth
Trident Capital, Inc.
The firm primarily invests in the technology,

internet, cleantech, consumer, satellite,
communication, life sciences, biotechnology,
transportation, industrials, business services, energy,
renewable energy, healthcare, media, and retail and
restaurant sectors. The firm prefers to invest between
$10 and $75 million in a company.
Market; Late Venture
The firm focuses on information and business

services including outsourcing, financial, B2B
commerce, enterprise software, clean tech,
healthcare IT, IT security, adtech, mobile, cloud
computing, software, software as a service,
Internet and mobility.

Market; Mid Venture; Late Venture; Later Stage
page
70

TVS Capital Funds Limited
Unilazer Ventures
It invests in diversified industries. It invests between

INR 250 million and INR 750 million in companies
having revenues between INR 500 million and INR
2500 million. It was formed in September 2007 and is
based in Chennai, India with an additional office in
Mumbai, India.
Unilazer Ventures is a private equity and venture

capital firm specializing in early stage and late
sate start-up investments in agriculture,
healthcare, education, and e-commerce sectors in
India. It is based in Mumbai, India.
Later Stage
Unitech Realty Investors
Unitus Impact LLC
Unitech Realty Investors is a real estate investment

arm of Unitech Ltd. It seeks to invest in
redevelopment projects in Mumbai. Unitech Realty
Investors is based in India.
The firm seeks to invest in supply chain solutions,

agribusiness, mobile payments, microenterprise
financing tools, and microfranchising
opportunities. It seeks to invest in scalable
businesses in India, China, and Southeast Asia,
particularly Vietnam and Indonesia.

Market; Late Venture
Early Venture
page
71

Unitus Seed Fund LLC
UTI Ventures
It invests considering the BOP population. It typically

invests in a wide range of business sectors including
livelihoods, education, agriculture, healthcare,
technology for development, basic necessities,
healthcare sanitation, ecosystem, clean energy,
innovative technologies, mobile, rural distribution etc.
It invests in software services and products, IT

enabled services, semiconductors,
communications and networking, and
biotechnology companies. The firm invests in
companies based in India. UTI Ventures was
founded in 2000 and is based in Bangalore, India.
Utthishta
Ventureast Fund Advisors India Limited
The firm typically invests in sectors including

software, technology, mobile, web, analytics, and
cloud computing. It primarily invests in India. The
firm seeks to invest between INR1 million ($0.02
million) and INR2 million ($0.03 million) per
company in return of equity stake between 10
percent and 15 percent.
The firm prefers to invest in technology and

technology-enabled sectors along with
biotechnology, healthcare infrastructure,
microfinance, agribusiness, biogas, pharma, food,
retail, life science, clean technology, healthcare,
education, financial services, etc. The firm seeks
to invest in companies based in India.
Seed/Startup; Early Venture; Middle Market;
Incubation; Later Stage

page
72

Vertex Venture Holdings Ltd.
Walden International
The firm prefers to invest in clean technology,

communications, information technology, consumer
& services, electronics and semiconductors,
healthcare, software, Internet, machinery and
equipment and its research and development, and
media.
The firm seeks to invest in technology based

companies with a focus on telecommunication,
media, communications, emerging technology
and services, electronics and digital consumer,
software, information technology services,
financial services, Internet and digital media etc.
Warburg Pincus LLC
Wolfensohn Fund Management,

The firm seeks to invest in financial services and

alternative energy resources. It prefers to invest in
emerging markets. The firm typically acquires a
minority stake.

Emerging Growth; Turnaround; Middle Market;

Mature; Later Stage
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73

YES Bank, Investment Arm
YourNest Capital Advisors
It prefers to invest in agricultural services, fertilizers

and agricultural chemicals, water purification,
agricultural machinery and equipment, food,
beverage, tobacco, clean energy, clean technology,
energy efficiency sectors, and alternative energy
resources.
The firm prefers to invest in education services,

marketing services, consumer staples, energy,
financial services, healthcare, industrials, ecommerce, software, materials, utilities, and
telecommunication. The firm typically invests
between $0.57 million and $0.95 million.
Zephyr Management
Zodius Advisors India Private Limited
The firm provides growth capital and prefers to

invest in SME in financial services, business
services, niche manufacturing, education, logistics,
agri-business, packaging and labelling,
telecommunications, distribution companies,
environmental and facilities and services, travel and
tourism services, publishing, healthcare etc.
It seeks to invest in big data and analytics, digital

media, commerce, education, business and
information services, technology, internet, and
consumer internet. The firm typically invests in
companies based in India. Zodius Advisors India
Private Limited was founded in 2011 and is based
in Mumbai, India.
Early Venture; Mid Venture; Later Stage
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74
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Venture Funding Guide !

for Startups - India!

In the Autumn Edi3on we present to you the

Venture Capital Firms !

Major VC Players in India!

Helion Venture Partners

+91 80 4018 3333

+91 80 4123 2551

Blume Venture Advisors

Sequoia Capital India

+91 80 4124 5880

Nexus Venture Partners

+91 80 4945 6600

Inventus Capital Partners

+91 80 4125 6747

+91 80 4043 4836

+91 124 4301841

+91 124 496 5500

ARTICULATE THE IDEA

Ar3culate the Idea into a

Sequoia Groove: Founders helping Founders

Valuation Approaches and Illustration

Approaches and Methodologies

Discounted Cash Flow Method

Guideline Companies Method

Book Value Method

Generally Accepted Valuation Methodologies

Introduction and Services

We deliver a bouquet of valuation services under one roof

Strategic Valuation Services

Joint Venture Valuation

We provide independent advice to

We evaluate JV relationships and

We value the ESOP awards with

Business Valuation Services

Purchase Price Allocation

We value intellectual property

We assist our clients in evaluating,

We assist private equity and VC

Transaction Support Services

Spin Off / Exit Valuation

Valuing the Business for funding

Whether it is evaluating new

Valuation an arm or reporting unit

Ex-Big Four valuation specialist

Experience of 1000+ Business

Strong domain expertise across

Adept in Start-up and Early Stage

List of Venture Capital Firms in India

Venture Capital Firms in India

It invests between INR 25 lakh ($0.04 million) to

Aarohan Ventures is an incubator and venture

Seed/Startup; Early Venture

Seed/Startup; Early Venture

Aavishkaar Venture Management Services

The firm prefers to invest in micro and small

The firm seeks to make equity investments

Seed/Startup; Early Venture

Seed/Startup; Early Venture; Emerging

Venture Capital Firms in India

Aditya Birla Private Equity

The firm seeks to invest between $5 million and $100