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Mittal to invest in WestBridge tech fund

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CIOL Bureau
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BANGALORE: World's largest steel maker Laxmi Mittal will participate in the WestBridge Capital Partners' second series of technology fund.

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According to sources, Mittal's contribution will amount to one-third of the corpus. WestBridge, one of India's largest dedicated technology funds, is planning to launch its second series of technology fund with a total corpus of around $200 million shortly.

In 2000, the company dedicated a fund of $140 million to invest in IT companies focused on Outsourced Services and Information Technology.

“In the first series, WestBridge Capital received over 30 per cent of internal rate of returns (IRR) on the investment. This is a very positive growth, so the company is looking at introducing second series of fund,” a source said.

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Out of the $140 million, WestBridge has invested around $120 million in 18 companies in India.

Some of the companies that have received funds from WestBridge include July Systems, Strand Genomics, ICICI Onesource, Applabs, and Indecomm Global Services.

WestBridge's main investors in the first series include Goldman Sachs, SUN Technology and Capital Z Investments; other institutional investors comprise firms like Merrill Lynch, Fidelity, Reuters and TIBCO.

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