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Twenty-eight years after he started Infosys with Rs 10,000 borrowed from his wife, NR Narayana Murthy, whose personal fortune today is said to be worth around $1.8 billion, wants to start a venture fund to invest in new ideas that create value for society. In an exclusive chat with ET, the chairman and chief mentor of India’s second-largest IT firm, said there are tremendous investment opportunities beyond computers and high-tech areas. Ideas from rural areas need to be encouraged and the urban poor need the right handholding, mentoring and capital to grow. “I find youngsters want to do all kinds of things. There are people who want to create wealth by booking tickets. There are people who are creating wealth by enhancing the efficiency of production lines. There are people who are creating wealth by providing efficient, decent and cost-effective means for the corporate world. They all have great ideas,” he said. […]
Ms Ramnath, who has been heading ICICI Venture fund since 2001, is likely to put in her papers on April 20, when the company’s board meets. The ICICI Group could also witness another change at a senior level over the next few days. Shikha Sharma, MD of ICICI Prudential Life Insurance, the largest private sector life player in India, may also put in her papers and move to Axis Bank. ET had first reported the likelihood of the two honchos putting in their papers in its edition dated February 12. Ms Ramnath is believed to have apprised senior ICICI Bank officials of her decision to quit earlier this week. Officials privy to information said Ms Ramnath is likely to float her own fund along with a couple of other ICICI Venture colleagues. Ms Ramnath was not available for comment. When contacted, an ICICI Bank spokesperson said, “We do not comment on speculation.” […]
Carlyle Group will keep its pace of spending in China and India, taking equity investments in companies linked to basic consumer products, education, medical services and energy to grow amid a global slowdown. Carlyle Asian Growth Partners aims to keep spending on average between $200 million and $300 million a year in China, said Wayne Tsou, managing director and head of the fund. He didn’t give an investment target for India. “These companies are the most enterprising and they are most attuned to opportunities in the market,” Tsou said in an interview in Beijing yesterday. “More than 80 percent of the energies of my fund and team are spent looking at China and India opportunities.” […]
Zephyr Peacock, the India-focussed private equity fund of US-based Zephyr Management, is looking to raise $75 million (Rs 375 crore) as part of its second fund raising in India. Zephyr Peacock is seeking to raise the fund for equity and equity-related investments in growth capital opportunities in high-growth small and medium enterprise, including those outside the Indian metros — a relatively underserved segment of the market. According to Zephyr, the fund targets investments in financial services, education and consumer-related businesses, high value-added manufacturing and infrastructure-related services. Zephyr takes influential minority positions by investing $5 to $20 million in companies that have proven business models, strong financial performance and are led by strong management teams. […]
SEAF, a firm that invests in SMEs in emerging markets, is to launch a $75m fund focused on taking stakes in Indian agriculture businesses, according to reports. The SEAF India Agribusiness Fund, which has already raised $35m, is expected to hold its first close by April and its final close by the end of the year. According to reports, the fund will target small and mid-sized firms with revenue of INR300m ($6m) to INR3bn ($60m). […]
The private equity (PE) arm of Aditya Birla Group plans to raise about $2 billion in PE capital within the next five years. Sources close to the development said that the company would launch at least four PE funds, each of $400-500 million in size, over the next five years to reach the top-five slot in the industry. This, the company said, would make the forthcoming funds larger than its $250-million maiden fund, which the company is currently in the process of raising. Although the company has not finalised the sectors where the forthcoming funds will be invested, the latest PE entrant said that they are likely to be sector-agnostic, similar to the present one. […]
In a bid to provide access to entrepreneurial, technology and financial resources in one place to accelerate the success of high-potential technology startups, IDG Ventures India and Microsoft India announced an ‘Early Stage Funding Program’. This partnership will offer dual benefit to the startups registering for Microsoft BizSpark wherein they will get a funding of up to 25 crore rupees by IDG Ventures and access to Microsoft suite including the latest tools and technologies at no cost. The program is open to technology companies that are under three years old, and whose annual revenues are less than Rs 5 crore (US D 1 million). Companies meeting these eligibility criteria will be offered access to development software through Microsoft’s BizSpark program; and asked to send their business plans to IDG Ventures for evaluation. Startups that meet the investment criteria of the VC will be provided access to funding of up to Rs 25 crore. […]
IDG Ventures India and Microsoft India today announced a funding programme under which the former intends to invest up to Rs 100 crore in start ups.With this partnership, a start up gets Microsoft suite of tools and technologies free for three years, as well as access to funding of up to Rs 25 crore by IDG Ventures, officials of two entities said. The programme is open to technology companies that are under three-year old, and whose annual revenues are less than Rs 5 crore. Companies meeting the criteria would be offered access to development softare at no upfront cost through Microsoft's BizSpark programme, announced last December in India, providing start ups software and support during their first three years with no upfront costs. Start ups meeting the investment criteria of the venture capital firm would be provided access to funding of up to Rs 25 crore. […]
ASK Investments is reportedly raising INR5bn for the vehicle, with plans to invest mainly in uncompleted residential real estate projects across the country’s top seven cities. ASK Investment Holdings, the private equity wing of financial services group ASK, has reportedly launched a real estate fund targeting INR 5 billion ($97 million; €76 million). The fund will primarily invest in the residential sectors of India’s top seven cities, with a focus on 200 real estate developers, according to The Economic Times. […]
CDC Group Plc, the UK government-backed private emerging markets fund, is all set to partner with agri-business specialist Rabo Equity Advisors for investment in the Indian food and agri-segment. It is planning to invest around $10 million in Rabo's India Agri Business Fund, taking the fund's kitty to about $100 million, according to sources. CDC would be the fifth limited partner to join the Rabo fund, which was launched in July 2008 and has IFC, FMO, DEG and Rabobank as lead investors. An announcement for this is expected to be made soon. […]
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