The VC firm has reached out to around 150 family offices and has got over 50 commitments. Also, Edelweiss Wealth Management is playing a role in mobilizing around $10 Mn from its clients.
Last year, IDG had raised around $100Mn. Earlier this month, Chairman emeritus at Tata Group, Ratan Tata, joined the VC board as an advisor. He would be advising on business strategy and team building.
Related Article: IDG Ventures India Closes $150 Mn For Its Third India Fund
Sudhir Sethi started IDG Venture in 2006. It is a part of global tech fund, IDG Ventures, with more than $4 Bn under management. It typically invests between $1 Mn to $10 Mn at early and expansion stages. In last nine years, the firm has invested in 50 startups, committing over $100 Mn. Its portfolio includes Myntra, Lenskart, Zivame, Vserv, Manthan, Perfint, NestAway, Hiree and Uniphore among others.
India has seen the emergence of a strong startup ecosystem. According to VC Edge report, there were around 140 deals in first six months of 2015. This was 94% higher than the same time previous year. In just last three months, angels and seed investors poured in $58 Mn backing early stage startups. While VC funds invested around $725 Mn backing up 89 startups.
This has led the investment funds to raise money more often than before to back more startups. Jungle Ventures raised $100 Mn in its second fund. Another fund Trifecta Capital, which is an independent venture debt firm, raised around $30 Mn. Sequoia Capital fund, which is among the most active VC firms, is said to be raising around $800 Mn.
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