One of the oldest global venture funds — and one with a sharp focus on what India can offer — is almost two thirds of the way through its last funding cycle which had $650 million in the kitty two years ago. Norwest Venture Partners (NVP) is already planning to assemble its next war chest which, Managing Partner Pramod Haque indicated, might be deployed in 2009 and could well be around $1 billion.

Speaking to the media on Thursday, even as NVP opens its second India office here (the first is based in Mumbai), Mr. Haque said the focus would increasingly be on harnessing and leveraging the reservoir of product and process innovation — much of it Internet driven — that is available in India. An indication of which sector might seem like sunrise for NVP was the recent appointment of former Motorola Vice-President Mohan Kumar as India-based Executive Director.

The venture fund had already made direct investment in tech driven India-based entities such as Sulekha.com, Yatra, Persistent Systems and Adventity, Mr Haque said. In addition NVP had invested in at least 20 ‘hybrid’ portfolio companies which, while based abroad, had a strong India development angle.

NVP India Managing Director Niren Shah said the company found the burgeoning consumer sector in India ‘exciting’ and a ‘huge opportunity’ — because it was still under-penetrated.

Source: The Hindu