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Europe-based venture capital firm, Mangrove Capital Partners has announced to invest around $250 Mn corpus in India’s ecommerce, internet and telecom startups.

The investment firm will look at investing in companies that offer disruptive models in the ecommerce and telecom space, for an investment period of 5-10 years.

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Speaking on the development, Michael Jackson, General Partner at Mangrove Capital Partners said, “India is going to be a fantastic market for us because there will be millions of people getting on the internet. Second, only local technology and local solutions can resolve local problems.”

Earlier, Mangrove had invested $5-10 Mn in StoreKing, which offers ecommerce platform to retail stores that double up as grocery stores in the tier-3 and lower towns in Karnataka, Tamil Nadu, Andhra Pradesh and Kerala.

Incepted in 2000, Mangrove currently manages assets of about $1 Bn in four funds that invest in and guide small entrepreneurs, who need capital to grow. It targets early-stage information technology companies and has since invested in over 70 startups across Europe, Israel and Russia.

It has invested about $25 Mn in three tranches in Danish messaging app maker Nimbuzz, which was 70% acquired by the UK-based New Call Communications for $170 Mn in October last year.

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