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Handbook onVenture Capital
V E N T U R EINTELLIGENCE
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Venture Capital Investor landscape in India
An Interview with Sarath Naru,Managing Partner, Ventureast.
Venture Debt: A Catalyst for Growth
Entrepreneur Interview:Gaurav Jain of Mast Kalandar
Negotiating Term Sheets - Legal Issues
Venture Capital Investor Directory
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Table of Contents
- Accelerators
- Incubators
- Angel Investors
- Seed Funds
- VC Firms
- SME Investors
- Social VC / Impact Investors
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Landscape of Venture CapitalInvestors in India
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Chennai AngelsHyderabad AngelsIndian Angel NetworkMumbai Angels
Blume VenturesIndia Innovation FundOrios Venture PartnersSeedfundVentureastYourNest Angel Fund
Incubators
AngelNetworks
SeedLevel Funds
VC FundsEarly Stage
Accel IndiaFootprint VenturesIDG Ventures IndiaInventus CapitalNexus VenturesSequoia Capital India
Ventureast
Typical Investment< Rs.50 Lakhs
Typical InvestmentRs.50 Lakhs - 2 Crores
Typical InvestmentRs.50 Lakhs - 2 Crores
Typical InvestmentRs.2 - 10 Crores
Accelerators500 StartupsAngel PrimeGSF Accelerator
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Canaan PartnersHelion VenturesKalaari CapitalNexus VenturesSAIFSequoia Capital IndiaVentureast
VC FundsGrowth Stage
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PE InvestorsSME Focused
AquariusAbraaj GroupAvigo CapitalBessemerGaja CapitalHeadland CapitalIFCIFCI VenturesLighthouse FundsMayfieldNEAZephyr Peacock
Landscape of Venture Capital Investors in India
Typical InvestmentRs.10 - 25 Crores
Typical InvestmentRs.25 - 100 Crores
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SARATH NARU,Managing Partner, Ventureast
What is it that excites you about working in theVenture Capital industry?There is a wealth of entrepreneurial talentavailable in India and its exciting to see howventure capital makes so many dreams come true. The last five years haswitnessed the emergence of a rich, vibrant startup ecosystem across thecountry in both metros as well as Tier 2 cities. And there is more to lookforward to!
As a VC investor, what do you look for in an entrepreneur?On the top line, we look for entrepreneurs with an almost unwaveringpassion and sense of urgency - we call it "fire in the belly". But along withthis comes the attitude and practical skills needed to make thingshappen. These entrepreneurs have given up their cushy corporate jobsto build a company from scratch. And most important of all, they shouldhave deep domain expertise, and must have been there and donethat because passion alone is no substitute for knowledge andexperience.
Luckily for us, the founders of our investee companies are also the type Iwould go out for a drink with, especially after a heated argument!
What is your investment philosophy?At Ventureast, we are a bunch of people who are passionate aboutbuilding businesses, and partnering with companies.We are a multi-stage investor, with a penchant for early . A majority ofVentureasts investments go into financing companies with businessmodels which are being adapted to meet Indias needs.
We partner with businesses which have the ability to scale up rapidly, ledby solid founding teams. We scout for startups where we can add value,beyond capital. We never hesitate to roll up our sleeves and get in thetrenches when a company calls for it.
Can you elaborate on how else you add value to investeecompanies?Our involvement typically comes in at three different levels. The first iswith the cash flow, and helping raise third party debt/equity financing.
The second area is operational support, which involves marketing, MISand Financial systems development. The third area is strategy andtalent. We help our investee companies with hiring talent, identifyingexperts as consultants, strategic planning at the Board level, forgingbusiness alliances, and acquiring customers.
Which are your target segments and most attractive sectors as ofnow? We are open to investing in any innovation-driven business in a rapidlygrowing sector. Innovation neednt be only in terms of technology butcould also be in the business model, and we are currently seeing acombination of both in sectors like healthcare, retail, financial services,internet commerce and cleantech.
We look out keenly for differentiation. Regardless of the stage or sector,we have specialized funds led by teams with extensive operationalexperience.
Simply looking at how our investments have evolved over the years-starting with port management services and dairies in the late 1990s,
biotech and drug discoveries in the early part of the millennium to therecent IT/ITeS, quick service restaurants, internet commerce etc.-shows how nimble and adaptable we have been to the changingentrepreneurial landscape in India.
What is your advice to entrepreneurs?This is a great time to be an entrepreneur. There is money available fornew disruptive ideas and business models in the form of incubators,venture capital funds and private equity investors.At the end of the day, its all about execution. An entrepreneur mustessentially focus on one idea, and execute it against all odds.
KUMAR RANGARAJAN,Co-founder & Chief Ion, Little Eye Labs(now a part of Facebook)
"Ive recently had a chance to speak withmany startups and the one thing that I realizewhich made a big difference for us is in findingan investor like Ventureast, who is more of a mentor and friend.In my mind, you were like a co-founder, because I felt the teamtook a deep interest in what we were doing and guided us andthat made a huge difference, much beyond just the monetaryshort-term gains. Team Ventureasts expertise was especiallyuseful while closing the deal. Its the faith you had in us,irrespective of the outcome, which we truly appreciate.
MEENA GANESH,CEO & Managing Director, Portea Medical
The team at Ventureast has been excellentin providing us with strategic inputs,excellent contacts for South East Asia and inthe US, as well as providing good day to daysupport on investor related approvals and activities. Since wewere starting a new business in healthcare, we wanted inaddition to just a financial investor someone who can help us inthe healthcare sector. VEs dedicated life sciences fund and thefocus on the sector , experts in the field amongst their team wascritical for us as we needed ready introductions and plug-ins intothe ecosystem.
ENTREPRENEURS SPEAK
An Interview with Ventureast
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VENTURE CAPITAL INTERVIEW:
PRAKASH PRABHU,
Founder, Atyati(acquired by Genpact in 2012)
Its not easy to build an organisation andsustain it. The real value comes in when youare down and the company isnt performing asper expectations. Its important to get the right investor partner;someone who believes in the long term; and rolls up their sleevesto pitch in beyond capital to help the company. Ventureast hasbeen supportive, professional, and good in dealing above theboard.
Ventureast is one of Indias longest-standing venture capitalinstitutions. Investing in pioneering sectors since the mid-90s,Ventureast has enabled over 80 seed, early and growth stagebusinesses in a broad array of sectors including technology, lifesciences and clean environment.
The Ventureast credo simply put is, We Differentiate, You Win.Backing this is a team and network with deep expertise indomains ranging from semi-conductors to drug discovery, frominfrastructure to consumer goods, from clean tech to mobility,
thus bringing together the widest capability in the country.
The Ventureast family of funds - Ventureast Proactive Fund,Ventureast Life Fund and Ventureast Tenet Fund feature a wideinvestor base consisting of institutional investors from across theworld. The Ventureast portfolio features market-leading
companies like Indias largest parking management company,Indias largest ethnic fast food chain, Indias first and unique low-cost ATM, and Indias largest organic foods company.
VENTUREAST - A BRIEF PROFILE
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done in India, SVBs venture debt offering has allowed many startups tominimize dilution while raising alternative forms of capital that is alsoadvantageous in terms of achieving a more efficient capital structure amix of equity and debt. Many of the companies in our portfolio havebeen successful in reducing their overall cost of capital by availingmultiple debt infusions over time. With so many years of presence in theentrepreneurial and venture capital ecosystem in India, SVB is wellpositioned to support disruptive innovation in the increasing number ofinvestor-backed companies across stages and sectors.
The core instrument is a medium term loan ranging from Rs.3 Cr toRs.25 Cr depending on the stage of the company and nature of therequirement. Interest rates are fixed for the tenor of the loan and arepriced competitively compared with rates that SME companies canusually obtain from banks. A small equity kicker enables additionalcontingent upside returns, if the company does well and provides someadditional returns on a portfolio basis to compensate for the higher risk.SVB does not mandate any particular end use for the funds and it can beutilized in any form such as accelerating product development, key hires,expanding to a new market, making acquisitions, operational workingcapital or even refinancing. While SVB does not take board seats on itsportfolio companies, the team is always willing to leverage itsexperience and SVBs global network encompassing a large number ofearly to growth stage companies as well as investors to assist their clientsas and when required in their business or strategic pursuits.
Management OutlookAbout SVB India Finance and Key TermsSVB India Finance was started in Mumbai in 2008 and is positioned asIndia's first and only specialty lending business targeting high growthentrepreneurial companies in India backed by top-tier venture capitaland private equity investors. Across more than 60 loan transactions
Vivek Subramanyam(CEO, iCreate Software)
Chetan Kulkarni(CEO, Vizury)
We are pleased in partnering with a leading global player focused on the start-up ecosystem such as SVB. Their understanding of the uniquerequirements of start-ups translates to flexible products that meet the
venture debt funding requirements and are structured in a mutuallybeneficial manner.
We are very pleased with our recent engagement with SVB India Finance. The alacrity of their team, the level of attention and care givento us and the process of securing debt funding were all remarkable.
Venture debt has been established to be a useful tool for high growthtech startups globally but in India the utility of this product extends to
growth stage companies as well as non tech sectors, as seen from ourexperience over the last few years. This is also a sign of the Indian
venture ecosystem evolving further with differentiated avenues ofcapital becoming available to fund the ever growing needs of high
potential startups, in tandem with the emerging green shoots in theoverall macro environment.
India is an exciting market for us to be in with strong emerging grass-roots entrepreneurship and growing sources of innovation capital. Our
approach in the market goes further than just providing venture loans to young VC-backed companies. Our relationship with Angel forums andinitiatives like the HALO Report for India provide us with ways to getmore involved with the emerging startup ecosystem in this market
Ajay Hattangdi,CEO & Managing Director, India
Vinod Murali,Managing Director
VENTURE DEBT A CATALYST FOR GROWTH
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GAURAV JAINCo-founder & CEO of Mast Kalandar
Funding: Mast Kalandar, a chain of quick servicerestaurants (QSR) serving North Indian cuisine, hasraised over Rs.45 crore in venture capital funding(starting in July 2008) from Footprint Ventures andHelion Ventures. The company had also raised venturedebt from SVB India and a strategic investment from the SalarpuriaGroup.
Venture Intelligence: You had started Mast Kalandar after workingfor a few years in the IT industry. Why did you choose to go for VCfunding as the preferred form of financing for your venture?Gaurav Jain: We were clear right at the beginning that we wanted togrow rapidly. So, we had two options - one is the franchising route andthe other is VC investment. The franchising route comes with its owndisadvantages, whereas the VC route brings with it not only the moneybut also other benefits.
VI: What are the other benefits that your VC investors havebrought to the table for Mast Kalandar?GJ: Right from advising on the business strategy and business plan tothings like recruiting the right people into the company and connectingus to the right consultants and professionals (for design, marketing,social media, etc.) and other companies which might be good partners,our VCs have been instrumental in a lot of things.
VI: What was your experience in meeting and pitching yourproposal to VC investors in the early phase?GJ: When we raised our first round, QSR was not such a hot sector forVC investments as it is today. We got introduced to the investorsthrough some common business acquaintances. We were lucky in thatthe investors were also willing to look at this space and we did not haveto go through an elaborate fund raising exercise. They liked the businessand we liked the people behind the capital.
VI: What would your advice be to other entrepreneurs who areconsidering VC financing? Is there anything specific you would addfor startups in the QSR sector?GJ: VCs are generally industry agnostic and their approach is not verydifferent to a company in QSR or any other sector. Having said that, theperson making the investment needs to have an overall understandingof the sector he/she is going to invest in. The end motive may be thereturns, but if a person doesnt understand retail or QSR, he/she will notbe able to do justice in terms of meeting the expectations of thecompany. When you are getting an investment, you should do athorough research of the person who would represent the VC firm (in
your company) and ensure that he/she understands the space. That is akey thing. Second, the person should be someone that you would beable to get along with well. If that relationship angle is missing, sooneror later it is not going to give a good feeling and you will have issuescropping up.
VI: Mast Kalandar has also used the initial advantage of raising VCfunding to then raise venture debt from SVB. Can you share somehighlights on that?GJ: We went the venture debt route when we wanted to extend ourrunway (before diluting more equity). Once we raised another equityround, we chose to return that capital. We found the venture debtoption to be a good one to exercise at that point as the cost of debtmade sense and it helped us build more value in the company.
Interview with Gaurav Jain,Co-founder & CEO of Mast Kalandar
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Negotiating term sheets
- Legal Issues
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The fact that convertible debentures, while in the unconverted state,rank as debt; and in that form, rank higher than the holders of equityshares in the queue of persons eligible to receive distributions (in theevent of the company being wound up), are factors that funds take intoaccount. What rights can the instrument have? Note that shares withdifferential voting rights ( DVR Shares ) cannot be freely issued by
6companies, without complying with certain conditions. In this context,the Liquidation Preference clause assumes significance. In jurisdictionslike the United States, where (comparative to India) companies can bewound up or liquidated relatively quickly, the term liquidationpreference is used to imply that in the event the company is liquidatedor sold, i.e., an exit event is created, the fund would first get its returns(1x, 2x, etc.) before the founders get their share. However, the use ofthis term in the Indian context gives rise to some confusion (since theword liquidation suggests dissolution of the company, the process forwhich is prescribed under the Indian company law). The Indiancompany law also prescribes the manner in which available moneys
7must be paid out , and hence, any contractually agreed clauses on themanner in which moneys must be distributed upon winding-up may notbe given effect to by courts. The better expression is, therefore, a'distribution preference' arising upon the occurrence of a 'liquidity'event, namely, a transaction that realizes the 'value' of the company,typically, in cash (although a share or stock deal is not ruled out, exceptthat achieving it is a regulatory challenge). Note however that there isno contractual restriction on agreeing as to how moneys must bedistributed in case of other exit events such as sale to a third party (whomay be a strategic or financial investor), as long as applicable exchangecontrol and taxation laws are complied with.
To avoid confusion in the Indian context, it is important to perhapsseparate the Liquidation preference clause into two distinct strands one, what happens in case of winding up under the Indian company law,and two, what happens in case of an exit or liquidity event.Unfortunately, it is not unusual to see the terms 'liquidity' and
'liquidation' being (incorrectly) used interchangeably.
Exit provisions. Commonly used exit provisions include initial publicoffering, strategic sale, buy-back, and put / call options. Put / calloptions have received some welcome regulatory sanction recently. Overthe last few years, the put option and call option have been in the eyeof a regulatory storm in India. This is because the Reserve Bank of India(RBI) considered these options as granting foreign investorsguaranteed returns, giving the investment instrument debt-likefeatures, as opposed to equity. The Securities Exchange Board of India(SEBI) considered that all options must only be exchange-traded and
8cannot be off-exchange, contractually agreed between parties. TheRBI has, in January 2014, allowed issuance of equity shares andcompulsorily and mandatorily convertible preference shares anddebentures containing an optionality clause, but without any option /right to exit at an assured price, to a person resident outside India. These
Overview of main provisions in Term SheetsTerm sheet, non-binding term sheet, indicative term sheet, Letter ofIntent, Head of Terms, Memorandum of Understanding, Non-binding MOU are commonly heard terms in the private equity / venturecapital world. This article will look at commonly encountered issues innegotiating, and the issue of the enforceability of, these documents inthe Indian context.
Simply put, a Term Sheet, by whatever name called, and whether asimple 2-pager, or a detailed tome, is a document that sets out keyfinancial, protective and governance terms of a proposed investment by
1a VC or a PE fund in a company looking for investment. What they allusually have in common is the understanding that they are not binding
2until the execution of definitive documentation. Typically, the financialprovisions covered in a Term Sheet are the proposed investmentamount, valuation of the company, type of investment instrument, anda timeline for the investor's exit, together with indicative exit
3mechanisms. Governance terms and protective provisions include thecomposition of the board of directors, a lock-in over the foundersshares, and sometimes, detailed provisions governing share transfers.Protective provisions will seek to safeguard the funds investment inseveral ways, for example, the right to receive detailed informationabout the companys financial health (including management
information system reports and unaudited monthly financialstatements). The right to veto certain actions, and anti-dilution rights infuture financing rounds, are also commonly seen.
Financial provisionsWhat instrument? Once the parties have agreed on the valuation ofthe company, the next question is as to what kind of investmentinstrument is desired. Available options are equity shares, preference
4shares, and convertible instruments. Note that in case of investments5by non-resident funds, all shares must be fully paid-up , and the price
per share must be above the fair value arrived at in accordance withprescribed methods. Several factors influence the funds choice ofinstrument. The principal one is how the fund envisions its role in the
company. Funds which want to have a hands-on, operational role in theday-to-day affairs of the company may choose large or controllingstakes of above 50% of the equity shareholding. Funds for which theinvestment is a purely financial one may choose convertible instruments.
1. For a detailed analysis of private equity fund formation and transactions in India, please see http://www.samvadpartners.com/wp-content/uploads/2013/06/Getting-The-Deal-
T h r o u g h - I n d i a - P r i v a t e - E q u i t y - 2 0 1 2 - F u n d - F o r m a t i o n - C h a p t e r. p d f .http://www.samvadpartners.com/wp-content/uploads/2013/06/Getting-The-Deal-Through-India-Private-Equity-2012-Transactions-Chapter.pdf
2. Typically, a share subscription or purchase agreement and a shareholders agreement.3. Including initial public offers ( IPO), strategic sale, 'put option,' 'call option' among others. The 'Liquidation Preference' clause is also a significant one.4. Such as convertible debentures or preference shares. Also, convertible instruments must
be fully and mandatorily convert ible in order to be reckoned as equity. Partly convertible ornon-convertible instruments would be reckoned as debt and subject to the more onerousrules applicable to external commercial borrowings.
5. Partly paid instruments are not allowed for FDI, except with prior approval of the Government.
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Enforceability of Term Sheets in IndiaThere have not been significant judicial pronouncements on the
12question of enforceability of a venture capital term sheet. Tosummarise, term sheets are preliminary agreements, evidencing anintention of the parties to enter into a contract at a future date. Suchagreements to agree are not enforceable under both English andIndian law, although, there may be exceptions depending on the factsand circumstance of each case, the conduct and the intention (whetherexpress or implied) of the parties to create legal relations. Whether or
not a term sheet is binding on the parties depends on the provisionscontained therein. Therefore, the parties must employ a clear andunambiguous language to avoid disputes. Certain clauses likeExclusivity, Confidentiality and No-Shop, and the related DisputeResolution provisions, must be expressly stated to be valid and binding,independently of whether or not the deal goes ahead with the executionof definitive documentation. Importantly, clauses dealing with costs orfees, and who is to bear them, whether or not the deal goes through,must also be clearly indicated to be binding, so as to avoid unpleasantshocks later. The concept of break-fees and its payment, is anotherclause, that must be made so binding irrespective of deal closure.
instruments are viewed as eligible instruments to be issued to a personresident outside India by an Indian company, subject to certain termsand conditions.
Governance TermsBoard and Shareholder meetings . Funds would want a say in the waythe company is run, on certain important items, at least, and willtypically nominate at least 1 director to the companys board, coupledwith a list of items on which the board cannot proceed unless suchnominee director has consented. This list is typically replicated at theshareholder level as well, such that no resolution can be passed by theshareholders in general meeting on the specified list of matters, unlessthe fund, as a shareholder has consented (whether at the shareholdersmeeting, through its authorized representative, or through a separate
9written consent). While most funds seek to nominate a director(s) onthe companys board, there has been a rise in the trend where certainfunds prefer to appoint an observer on the companys board insteadof a director.
Restrictions on Share Transfers. The ability to restrict the transfer ofshares in private companies is important from the investors point of
10view. Typically, such investors would want to ensure that the founders / promoters of their investee company cannot unilaterally decide to
jump ship in the event the companys business is floundering therefore, elaborate provisions governing the transfer of shares istypically included in transaction documents and replicated in the articlesof association of the company. These include rights of tag-along,drag-along, come along, rights of first offer and rights of firstrefusal. While these rights are now fairly common in the industry, their
11enforceability in court is yet to be tested.
6. For example, one of the key conditions is that the company have distributable profits in the 3 financial years prior to the year in which DVR Shares are to be issued.7. First, and paripassu,to secured creditors and workmen; thereafter to satisfy all other debts;
and only finally to shareholders (preference and equity, in that order).8. For a detailed article on the subject, see http://www.siac.org.sg/index.php?
Option=com_content&View=article&id=406:enforceability-of-put-and-call-options -in-india-in-the-current- regulatory-environment&catid=56:articles&Itemid=171
9. These rights carry greater weight in private companies, while in public and public listedcompanies, the legal implications of these kinds of rights is very much a grey area. Whenthe question of whether these 'affirmative rights' or 'veto rights' amount to the fundacquiring 'control' over the investee company for the purpose of the takeover regulationscame up before the SEBI, SEBI ruled in the affirmative. The Securities Appellate Tribunal(SAT) reversed SEBI's order. The matter went up before the Supreme Court, but wasunfortunately settled before the Supreme Court could pass an order on the merits. TheSupreme Court did however expressly state that the SAT's ruling was not to be treated asprecedent. There is a likelihood that in the future a regulator or court could take the viewthat funds enjoy 'control' over their investee companies, with attendant legal implications.
10. Shares or debentures or other interest of any member in a company are movable propertytransferable in the manner provided by the articles of the Company. (S. 44, IndianCompanies Act, 2013). One of the important differences between private and publiccompanies in India is that a private company must by definition restrict the right totransfer its shares. For public unlisted and listed companies, unfettered transferability ofshares is key.
11. This is important when one recalls that foreign investment rules are layered upon theIndian company law. So, while the above rights may fall within the ambit of the Indian
company laws provided right to private companies to restrict the transferability of shares, FEMA regulations still have to be considered. Therefore, a foreign investor may not be able to enforce its drag right in FEMA-regulated sectors, unless the pricing guidelines are complied with.
12. Although the question has come up several times before Indian courts in the commercialcontracts context.
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Samvad: Partners is a partner-led, solution-oriented law firm, formed by the merger of Narasappa, Doraswamy & Raja ( NDR) and V Chambersof Law. The Firm is committed to providing smart and quality legal advice to our clients; maintaining the highest levels of professional integrity; andnurturing our lawyers in a work environment that motivates them to achieve and maintain the highest standards.
The Partners of the Firm Mr. Harish Narasappa, Ms. Neela Badami, Ms. Nivedita Nivargi, Ms. Poornima Hatti, Mr. Rohan K. George, Mr. SiddharthRaja and Ms. Vineetha M. G. are leaders in their respective fields of practice. The majority of our Partners have a rich mix of domestic andinternational experience, having worked in several legal and financial capitals around the world, including London, Hong Kong, Singapore,Mumbai, New Delhi and the Hague. Our lawyers are truly international, with several being admitted to practice law in India, England & Wales andNew York, bringing with them a deep and diverse international perspective.
With offices in Bangalore, Chennai, Mumbai and New Delhi the Firms partners and the legacy firm NDR have regularly received the highest
accolades and ranking from our peers, including recognition in Chambers & Partners and Legal500 , over the past few years.
DISCLAIMER: PLEASE NOTE THAT THE CONTENTS OF THIS ARTICLE ARE NOT MEANT TO BE A SUBSTITUTE FOR OBTAINING LEGAL ADVICIT IS ONLY AN INTRODUCTION FOR INFORMATIONAL PURPOSES AND WE URGE YOU TO CONSULT YOUR LAWYERS FOR SPECIFICADVICE.
NEELA BADAMI,Partner
Neela Badami works primarily in the areas ofmergers & acquisitions, private equity & venturecapital, TMT, general commercial contracts andpublic international law advisory.
Neela holds a B.A., B.L (Hons.) degree from the National Academy ofLegal Studies and Research (NALSAR) University of Law, Hyderabad
(2005, Gold Medallist). While at NALSAR, Neela represented India atthe Philip C. Jessup International Law Moot Court Competition (2004).She holds an LL.M from the University of Michigan Law School, AnnArbor, U.S.A (2008, Michigan Grotius Scholar).
Prior to joining the Firm, Neela was an associate in the Capital MarketsPractice Group at AmarchandMangaldas, Mumbai. Neela has alsoworked as a Law Clerk at the International Criminal Court in the Hague,Netherlands (Legal Advisory Section, Office of the Prosecutor).
Neela stays connected to academia through both writing and teachingengagements recently, she has taught a 1-credit elective course at heralma mater, NALSAR, on Private Equity and Venture CapitalTransactions in India. She has been published nationally andinternationally. Neela serves as a member of the Native Speaker Boardadvising the Goettingen Journal of International Law, as well as on theEditorial Board of the Forum for International Criminal andHumanitarian Law.
She can be reached at neela@samvadpartners.com
SINDHUSHRI BADARINATH,Senior Associate
Sindhushri Badarinath works in the areas of privateequity / venture capital transactions, real estateand general commercial law.
Sindhushri holds a B.B.A., LL.B. degree from Symbiosis Law School,Pune (2009). She has also completed a diploma in international businesslaws and corporate laws in India from Symbiosis International University(formerly known as SIEC (Deemed) University). She is admitted topractice law in India.
She has previously worked as an associate with Indus Law, Bangaloreand has handled matters relating to general commercial law andemployment / labour laws. She has worked on a variety of corporatelegal assignments for clients in ICT (information and communicationtechnology), healthcare, retail, and manufacturing sectors.
She can be reached at sindhushri@samvadpartners.com
Introduction and overview
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SVB India Finance Private Limitedwww.svb.com/india
About the Firm:
Started in 2008, SVB India Finance Private Limitedis a subsidiary of Silicon Valley Bank. It is positionedas India's first and only specialty lending businesstargeting high growth entrepreneurial companiesin India backed by top-tier venture capital andprivate equity investors. We have done over 60transactions across sectors in India ranging fromtechnology, ecommerce, healthcare to QSR,education etc. We offer multiple sources of diversedebt capital including venture debt, acquisition
financing, growth capital and capex financing.
Office Address:
12th Floor, Express TowersNariman PointMumbai - 400021
Tel: +91 22 6744 6500Fax: +91 22 6744 6565
Contact Persons(Name, Designation, E-mail & Contact no.):
Sujana RavishankarSravishankar@svb.com
Preferred Sectors:Sector-agnostic
Investment Range:Rs.3 Cr to Rs.25 Cr.
Select Transactions:Applied Solar Technologies, Capillary Technologies, Faasos FoodServices, Indiahomes, iYogi Technologies, Manthan SoftwareSystems, Myntra, Prizm Payments, Snapdeal, Yatra.com
We are looking for:We look for early to growth stage high potential companies thathave raised equity investment from top tier institutional VentureCapital or Private Equity investors. Companies that have strongmanagement teams and robust investor support in addition tosignificant IP or display of innovation form our targetaddressable market.
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Ventureastwww.ventureast.net
Ventureast is a pioneering Indian VC fund manager
with a rich history of investing in innovativebusinesses across multiple sectors, and multiplestages of a business - from seed and early to growthstages. Patience and nerve, combined with awealth of operational experience and knowledgegained by helping our investee partnersdifferentiate- this best defines Team Ventureast,who is ever excited to join trailblazingentrepreneurs in a shared journey of building agreat company.
Office Address:Address: 5B,Ramachandra Avenue,Seethammal Colony, First Main Road,
Alwarpet,Chennai 600 018,Tamilnadu, India.
Tel: +91 44 2432 9864 / +91 44 2432 9863
I: 8-2-546, Plot No.140,Sheesh Mahal, Road No. 7,Banjara Hills,Hyderabad-500 034,Andhra Pradesh, India.
Tel: +91-40-2335 1044 / 45 / 46, 6551 0491
Level 1, am@10,MB Towers,Road No. 10,Banjara Hills,Hyderabad- 500 034,India
Tel: +91-40-46464880
Contact Details:
Email: info@ventureast.net
Logo
Preferred Sectors:Technology (Mobility, Cloud, Internet) and technology-enabled(Education, Healthcare, Financial services, Cleantech and high-impact, invention-based social businesses); Life science andClean Environment (drug discovery, pharmaceuticals,manufacturing, infrastructure services, healthcare); Seed andincubation stage businesses.
Some marquee investments:Portea Medical, Bharat Light & Power; GoliVada Pav; Atyati;Little Eye Labs; Sresta (24 Letter Mantra), Polygenta,LoyltyRewardz; onemi
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Directory Section - Active Accelerators
V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Anil Joshi
500 Startups
www.500.co
Freemont Partners
Mumbai
www.freemontpartners.com
Angel Prime
Bangalore
www.angelprime.com
iAccelerator
Ahmedabad
www.iaccelerator.org
Kyron
Bangalore
www.kyron.me
The Startup Centre
Chennai
www.thestartupcentre.com
5ideas
Gurgaon
www.5ideas.in
GSF Accelerator
www.gsfindia.com
First Light Ventures
Mumbai
www.firstlight.vc
INFUSE Ventures
Ahmedabad
www.infuseventures.in
Microsoft Ventures Accelerator
Bangalore
www.microsoftventures.com
Startup Village
Kochi
www.startupvillage.in
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Anil Joshi
TLabs
www.venturenursery.com
Veddis Ventures
Gurgaon
www.veddis.com
VentureNursery
Mumbai
www.venturenursery.com
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Directory Section - Active Incubators
V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai Angels Anil Joshi
Abiyan
Lucknow
T: 91 90053 72642www.abhiyaniiml.com/node
Amity TBI
Noida
T: 91 120 465 9000www.amity.edu/aii/
Bannari TBI
Sathyamangalam
T: 91 4295 226 322
www.bittbi.com
Centre for Entrepreneurship
Gurgaon
T: 91 124 234 3655
BEC STEP
Bagalkot
T: 91 8354 220 689www.becbgk.edu/beckstep.html
BMInstitute of Engineering & Technology
SonipatT: 91 130 223 0563
www.bmiet.net
CIIE, IIM AAhmedabad
T: 91 79 6632 4201www.ciieindia.org
Center for Entrepreneurship - SPJIMR
MumbaiT: 91 22 2623 7454
www.spjimr.org/centre_entrepreneurship/home.asp
Centre for Biotechnology Incubator
ChennaiT: 91 98403 48173
D.K.T.E. SocietysKolhapur
T: 91 230 242 1300www.dktes.com
Amrita TBI
Kollam
T: 91 476 280 4523www.amritatbi.com
All India Association of Industries
Mumbai
T: 91 22 2201 9265www.aiaiindia.com
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Listing of Active Incubators
V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai Angels Anil Joshi
EDC
Ambala
T: 91 1731 275 792
EDC
Radaur
T: 91 1732 277 314
EDC-Jawaharlal Nehru College
Pasighat
T: 91 368 222 2496
Entrepreneurship Development Instituteof India
Gandhinagar
T: 91 79 2396 9151
www.ediindia.org
EDC-SNIST
Hyderabad
T: 91 8415 223 001
E health-TBI
Bangalore
T: 91 80 2642 0001
www.ehealthtbi.com
GNEC-STEPLudhiana
T: 91 161 249 0339www.gndec.ac.in
FMS,Entrepreneurship Cell
Delhi
T: 91 88009 49495
www.ecell-fms.org
Ekta Incubation Centre
Kolkata
T: 91 33 2367 3978
www.technologyembryo.com
HBTI-STEPKanpur
T: 91 512 256 2536www.stephbti.org
EDC-Faraday Bicentanary Sciente Park
Guwahati
T: 91 361 260 6610
www.edccottoncollege.org
EDC
Bhavnagar
T: 91 278 242 9852
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Listing of Active Incubators
V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai Angels Anil Joshi
ICICI KP
Hyderabad
T: 91 40 2348 0022
www.iciciknowledgepark.com
Incubation and Entrepreneurship centre,SRM
ChennaiT: 91 44 2474 2836
www.srmuniv.ac.in/incubation_entrepreneurship.php
Indian School of Business (ISB) - WadhwaniCentre
Hyderabad
T: 9140 2318 7100
JSSATE STEP
Noida
T: 91 120 240 1484
www.jssstepnoida.org
International RCI Road-EDC
Hyderabad
T: 91 40 24457 1047
Innovation Centre
Manipal
T: 91 820 292 2323
www.manipal.edu
Krishna TBIGhaziabad
T: 91 120 267 5314www.kiet.edu
KIITCIE
Bhubaneswar
T: 91 674 272 5466
www.kiitincubator.in
IT BHU, Varanasi
Varanasi
T: 91 542 236 8427
www.itbhu.ac.in
Kukhatapally-EDCHyderabad
T: 91 40 2305 2650
IndiaCo Ventures
Pune
T: 91 20 2551 3254
www.indiaco.com
ICRISAT
Hyderabad
T: 91 40 3071 3071
www.icrisat.org
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai Angels Anil Joshi
MICA
Ahmedabad
T: 91 2717 308 250
www.mica.ac.in/mode/home
NDBI
Ahmedabad
T: 91 79 2662 3692
www.ndbiindia.org
Netaji Subhash Institute of Technology
New Delhi
T: 91 11 2509 9050www.nsit.ac.in
NSRCEL
Bangalore
T: 91 80 2699 3769
www.nsrcel.org
NIT
Calicut
www.nitc.ac.in
NITK-STEP
Surathkal
T: 91 824 247 5490
www.nitkstep.org
Periyar TBIVallam Thanjavur
T: 91 4326 264 520www.periyartbi.org
Osmania University-EDC
Hyderabad
T: 91 40 2709 8254
www.uceou.edu
NMAM Institute of Technology
Nitte
T: 91 8258 281 263
PSG-STEPCoimbatore
T: 91 422 436 3300www.psgstep.org
NDRI
Karnal
T: 91 184 225 2800
www.karnal.gov.in/res_ndri.asp
MITCON
Pune
T: 91 20 2553 3309
www.mitconindia.com
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai Angels Anil Joshi
RTBI-IIT
Chennai
T: 91 44 6646 9872
www.rtbi.in
SIDBI IIT
KanpurT: 91 512 259 6646
www.iitk.ac.in/siic
SJCE STEP
Mysore
T: 91 821 254 8321
www.sjcestep.in
STEP-IIT
Roorkee
T: 91 1332 272 337
STEP
Bhopal
T: 91 755 405 1000
www.manit.ac.in
STEP-BIT
Ranchi
T: 91 651 227 544
www.bitmesra.ac.in
STEP-TIETPatiala
T: 91 175 239 3011www.nstedb.com/fsr-tbi09/STEP9/About.html
STEP-NSIC Technical Services Centre
Rajkot
T: 91 281 238 7613
STEP IIT
Kharagpur
T: 91 322 228 1090
www.stepiitkgp.in
STPPune
T: 91 20 2293 2644www.stpp.soft.net
SINE
MumbaiT: 91 22 2576 7072
www.sineiitb.org
Shriram Institute For Industrial Research
Delhi
T: 91 11 2766 7267
www.shriraminstitute.org
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai Angels Anil Joshi
Tamil Nadu Agricultural University (TNAU)
Chennai
T: 91 422 661 1201
www.tnau.ac.in
TBI-Anna University
ChennaiT: 91 44 223 50772
www.annauniv.edu/act/cbt/index.htm
TBI-Indira Gandhi Institute of Technology
Delhi
T: 91 11 2659 1057
TBI BITS,
Pilani,T: 91 1596 245073
www.bitspilani.ac.in/pilani/technologybusiness/TechnologyBusinessIncubator
TBI Composites
Bangalore
T: 91 80 6599 7605www.compositestechnologypark.com/
detailsofctp.htm
TBI Univ. of Delhi
DelhiT: 91 11 2411 6559
www.nstedb.com/institutional/tbi-center.htm
TBI-ICT
Hyderabad
T: 91 40 2719 3030
TBI-UOH
HyderabadT: 91 40 2313 5000
TBI
Erode
T: 91 4294 226 650
www.tbi-kec.org
Technopark
Trivandrum
T: 91 471 270 0222
www.technoparktbi.org
The Lemelson Recognition & MentoringProgramme
Chennai
T: 91 44 2257 8061 www.icandsr.iitm.ac.in
TeNeTChennai
www.tenet.res.in
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai AngelsThiagarajar College of Engineering (TCE)Madurai
T: 91 452 248 2240
www.tce.edu
University of Kashmir
Srinagar
T: 91 94194 04789
TREC STEP
Tiruchirappalli
T: 91 431 250 0085
www.trecstep.com
Truesoft Ventureswww.truesoft.in
Visvesvaraya Technological University
BelgaumT: 91 831 240 5453
Venture Centre NCL
PuneT: 91 20 6401 1026
www.venturecenter.co.in
University Institute of Engineering &Technology (UIET)
Kurukshetra
T: 91 1744 239 155www.uietkuk.org
VIT-TBI
VelloreT: 91 40 2313 5000
www.vittbi.com
Welding Research Institute
Tiruchirappalli
T: 91 431 2577820
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Listing of Active Angel Investor Groups
V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Tempus Capital
www.tempuscapital.in
C Cube Angels
www.ccubeangels.com
Hyderabad Angels
T: 91 40 6451 3397
www.hyderabadangels.in
Harvard Angels India
www.hbsalumniangels.com /article.html?aid=137
Kutchi Angel Network
T: 91 98672 40320
kan.net.in(Focused on Gujarat's Kutchi community)
Mumbai Angels
+91 22 2409 1676
www.mumbaiangels.com
Palaash Ventures
+91 11 48900000
www.palaashventures.com
Rajasthan Angel Investor Network (RAIN)
+91-98283 55513
www.rainjaipur.co.in
Sarthi Angels
+91-022-26528671-72
www.sarthiangels.com
SRI Capital
www.sricapital.com
Chennai Angels
www.thechennaiangels.com
Indian Angel Network
T: 91 11 4075 5713
www.indianangelnetwork.com
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Listing of Active Seed Capital Investors
V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Nexus Ventures
Nexus VenturesAccel India
T: 91 80 4123 2551
www.accel.com
Angaros Capital
T: 91 40 4949 2000
www.angaroscapital.com
Atlas Ventures
T: 91 44 4211 0176
www.atlasadvisory.org
Anil Joshi
Anil Joshi
Epiphany Ventures
T: 91 22 2652 8635
www.epiphanyventures.in
Clarion Venture Partners
www.clarionvp.com
Indavest
T: 91 80 4148 3223
www.indavest.com
India Quotient
www.indiaquotient.in
Blume Ventures
www.blumeventures.com
Headstart Ventures
www.headstartventures.in
Das Star Ventures
T: 91 98844 22270
IncuCapital
T: 91 20 2556 0254
www.incucapital.com
IndusAge Partners
T: 91 44 4350 4050
www.indusage.com
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Jungle Ventures
T: 65 6423 9516
www.jungle-ventures.com
Ladderup
T: 91 22 4033 6363
www.ladderup.com
Nexus Ventures
T : 91 22 6626 0000
www.nexusvp.com
Orios VP
www.orios.gi
Singularity Ventures
www.singularityventures.in
Seedfund
T: 91 22 2490 2201
www.seedfund.in
KAE Capital
T: 91 22 2202 4184
www.kae-capital.com
My First Cheque
www.myfirstcheque.com
Navam Capital
T: 91 33 4025670
www.navamcapital.com
Mercatus Capital
T: +65 6776 7819
www.mercatus-capital.com
Ojas Venture Partners
T: 91 80 4061 0300
www.ojasventures.com
Seeders
www.seeders.in
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Listing of Active Seed Capital Investors
V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Unilazer Ventures
T: 91 22 61093730
www.unilazer.com
Ventureast Tenet
T: 91 44 2432 9864
www.ventureast.net
Spark Capital
T: 91 44 4344 0000
www.sparkcapital.in
YourNest Angel Fund
T: 91 124 404 2155
www.yournest.in
Viva Capital
T: 91 22 3953 0697
www.vivacapital.in
Zodius Capital
T: 91 22 22040537
www.zodius.com
Snow Leopard Technology Ventures
www.snowleopardtechventures.com
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Listing of Active Venture Capital Investors
V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Kalaari Capitalkolavani@kalaari.com
91 80 67159600
www.kalaari.com
Vani
Applied Ventures
T: 408-584-0663 (US)www.appliedmaterials.com
Aarin Capital
T: 91 80 3078 9200 www.aarincapital.com
Artiman Ventures
T: 91 80 2509 1453www.artimanventures.com
Accel India
T: 91 80 4123 2551www.accel.com
Basil Partners
T: 91 22 6112 0901www.basilpartners.com
Canbank Ventures
T: 91 80 2558 6506www.canbankventure.com
Aspada Advisors
www.aspadainvestments.com
Canaan Partners
T: 91 124 430 1841www.canaan.com
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai AngelsSandeep Singhal
Headland Capital
T: 91 22 3953 7447
www.headlandcp.com
Helion Ventures
T: 91 80 4018 3333www.helionvc.com
Footprint Ventures
T: 91 80 4110 1910www.footprintventures.com
IDG Ventures India
T: 91 80 4043 4836www.idgvcindia.com
Foundation Capital T: 1 650 614 0500
www.foundationcapital.com
GVFL
T: 91 79 4021 3900
www.gvfl.com
Fulcrum VenturesT: 91 22 4090 7385
www.fulcrumventureindia.com
Capital 18
T: 91 120 434 1818www.capital18.com
Intel Capital
T: 91 80 2507 5000www.intel.com/capital/india/default.htm
Infuse Ventures
T: 91 79 6632 4201www.infuseventures.in
(Cleantech focused)
India Innovation Fund
T: 91 80 4335 6666www.indiainnovationfund.in
Indus Balaji
T: 91-22-4069 4100www.indusbalaji.com
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai Angels
Mumbai Angels
Sandeep Singhal
Lightbox
www.lightbox.vc
Kalaari CapitalT: 91 80 67159600
www.kalaaricapital.com
Jafco Asia
T: 65 6224 6383www.jafcoasia.com
Lightspeed Ventures
T: 91 11 4980 0800
www.lightspeedvp.com
Kaizen PE
T: 91 22 6767 5757www.kaizenpe.com
(Education Focused)
Matrix Partners India
T: 91 22 6768 0000www.matrixpartners.in
Nexus Ventures
T: 91 22 6626 0000www.nexusvp.com
Inventus Capital Partners
T: 91 80 41256747www.inventuscap.com
Ojas Venture PartnersT: 91 80 4061 0300
www.ojasventures.com
Nokia Growth Partners
www.nokiagrowthpartners.com
Mumbai AngelsNorwest
T: 91 22 6150 1111www.nvp.com
Nirvana Ventures
T: 91 22 2204 5519www.nirvanaventures.in
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai AngelsSandeep Singhal
Somerset Indus Capital
www.somersetinduscap.com(Healthcare Focused)
Sonoma Management Partners
T: 91 20 4131 5656www.sonomamgmt.com
Tiger Globalwww.tigerglobal.com
VentureastT: 91 44 2432 9864www.ventureast.net
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Listing of Active SME Investors
V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai Angels
Mumbai Angels
Sandeep Singhal
AquariusT: 91 80 4112 4880
www.aquarius.com.sg
Abraaj Group
T: 91 22 67 874 500www.abraaj.com
Avigo CapitalT: 91 11 43683300
www.avigocorp.com
Access PE
T: 91 22 65154700www.accesspe.in
Bessemer
T: 91 80 30829000
www.bvp.com
BanyanTree Finance
T: 91 22 6623 5555
www.banyantreefinance.com
Canbank Ventures
T: 91 80 2558 6506www.canbankventure.com
EQ India
T: 91 22 66156300www.eqindiaadvisors.com
IFCI Ventures
T: 91 11 4179 2800www.ifciventure.com
Headland Capital
T: 91 22 3953 7447www.headlandcp.com
Gaja Capital
T: 91 22 2421 2280www.gajacapital.com
IFC
T: 91 11 4111 1000www.ifc.org
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai AngelsSandeep Singhal
Zephyr Peacock India
T: 91 80 4261 3300www.zephyrpeacock.com
Kotak PE
T: 91 22 43360000www.privateequityfund.kotak.com
Matrix Partners IndiaT: 91 22 6768 0000
www.matrixpartners.com
NEA T: 91 80 67710801
www.nea.com
Lighthouse Fund
T: 91 22 4204 1000www.lhfunds.com
Mayfield
T: 91 22 6627 3000
www.mayfield.com
Paracor India
T: 99670 59432
www.paracorcapitaladvisors.com
Vertex
T: 91 80 67590555www.vertexmgt.com
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Listing of Active Social Investors
V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai Angels
Sandeep Singhal
BlueOrchard
T: 41 22 596 4777www.blueorchard.com
Creation Investments
T: 1 312 784 3988www.creationinvestments.com
Developing World Markets
T: 1 203 655 5453www.dwmarkets.com
Dia Vikas Capital
T: 91 124 452 9500www.dia-vikas.org
Acumen Fund
T: 91 22 6758 9365www.acumenfund.org
Elevar Equity
T: 91 80 4335 6666www.elevarequity.com
Bellwether
T: 91 40 6646 0505www.bellwetherfund.com
Ennovent
www.ennovent.com
Sandeep Singhal
Aavishkaar
T: 91 22 4200 5757www.aavishkaar.in
Accion International T: 91 80 4112 0008
www.accion.org
Mumbai Angels4B Capital
T: 91 80 0896 2828www.4bcapital.com
Aavishkaar GoodwellT: 91 22 4200 5757
www.aavishkaargoodwell.com
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Mumbai AngelsMumbai Angels
Mumbai Angels
Sandeep Singhal
Legatum
T: 971 4 317 5800www.legatumcapital.com
Khosla Ventures
T: 91 80 4212 4272 www.khoslaventures.com
Insitor Fund
www.insitormanagement.com
Lok Capital
T: 91 124 470 9700www.lokcapital.com
Intellecap Impact Investment Network
T: 91 40 4030 0200www.i3n.co.in
Impact Investment Partners
www.impactinvestmentpartners.com
MI india
T: 91 124 452 9500www.miindiacapital.org
Incofin
T: 91 44 26416624
www.incofin.be
Mumbai AngelsGray Ghost Ventures
T: 1 678 365 4700www.grayghostventures.com
IFMR Trust
T: 91 44 6668 7000www.ifmrtrust.co.in
Mumbai AngelsIAN Impact
T: 91 11 4075 5713www.indianangelnetwork.com
Grassroots Business Fund
T: 91 120 424 1000www.gbfund.org
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V E N T U R EINTELLIGENCE
Handbook onVenture Capital
Song Investment Advisors
T: 91 40 2318 7241www.songadvisors.com
Unitus
T: 91 80 4112 0008www.unitus.com
Villgro
T: 91 44 6663 0400www.villgro.org
Mumbai AngelsOmidyar NetworkT: 91 22 6118 7300www.omidyar.com
MicroVentures
T: 91 80 4095 7653www.micro-ventures.in
MicroVest T: 1 301 664 6680
www.microvestfund.com
Michael Dell Foundation
T: 91 11 41666300www.msdf.org
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