In keeping with its core business of venture capital funding, IFCI Venture Capital Funds Limited (IVCF), a subsidiary of IFCI on Monday announced the launch of three new funds aimed at the emerging sectors of the economy. The funds being launched are India Automotive Component Manufacturers Private Equity Fund with a target corpus of Euro 60 million or Rs 396 crores. It will be dedicated to investments mainly in Indian automotive component companies and other related sectors. The next one is the India Enterprise Development Fund (IEDF), with a target corpus of Rs 250 crores to invest in knowledge based projects in key sectors of the Indian economy with outstanding growth prospects.   more »

Canaan Partners, the 20-year-old global venture capital (VC) fund with $3 billion under management, will channel a bigger share of money from its latest global fund towards investments in the country. The investments would be mainly directed towards technology ventures, Canaan Partners India MD Alok Mittal said. The VC firm recently raised a $650-million global fund and about a quarter of it will be dedicated for investments in India and Israel. It is estimated that around $150 million will be invested in India over the next three years. Around 5-10% of its previous $450 million was dedicated to India and Israel. Canaan has invested in five companies in India—e4e, Bharatmatrimony, Cellcast, iYogi and TechTribe—since foraying into the country in 2000.   more »