Bangalore based Venture Capital fund – IDG Ventures India is looking to raise over Rs1,000 Cr for its second fund. The new fund will invest in technology and technology-enabled businesses.
Recently, Blume Ventures have also announced regarding its $ 50 Mn second fund, Mayfield has raised $86m for second Indian fund and also Inventus Capital has raised $106 Mn for its Second Fund To Back US-India startups.
“The year 2014 is the starting point for rupee funds. They will be a major factor in the success of Indian technology firms,” said Sudhir Sethi, founder-chairman and managing director of IDG Ventures India.
Related Article: IDG Ventures India Closes $150 Mn For Its Third India Fund
The firm will be raising funds from individuals and family offices – “whose interest in startup funding is being stoked by favourable regulation and the promise of handsome returns from this new asset class,” says ET.
Though Sudhir declined sharing further details of the citing confidentiality agreements with investors.
A few of the IDG Ventures India’s portfolio companies include Firstcry, Valyoo, ZIvame, Heckyl, UNBXD etc.