IDG Ventures raising $150 m to fund startups
Bangalore, Oct 27, 2012, DHNS: 22:20 IST
IDG Ventures India Advisors Pvt Ltd, a venture capital fund, would soon be raising about $150 million to fund predominantly technology startups, after raising a similar amount in 2007, according to a senior analyst at the company.
“The amount is being raised as part of our second round, as we see an increasing interest among investors in India,” said senior analyst Soumitra Sharma, at the “UK-India Opportunities in the ICT Sector” on Saturday organised by UK Trade & Investment, the British Deputy High Commission and yourstory.in, an online platform of entrepreneurs.
He said huge business opportunities exist in the e-commerce space in India, which is poised to reach $23 billion by 2015, aided by the rise in Internet users from the current 150 million to 450 million by that year, quoting from an Internet and Mobile Association of India report.
He also said that India is increasingly becoming a global hub for innovation, as evidenced by the fact that 30 per cent of the top 100 global firms have their research and development centres in India.