NEA-IndoUS Ventures announces investments

BANGALORE: An India-focused venture fund called NEW IndoUS Ventures led by Silicon Valley technopreneur Vinod Dham announced its operations here.

The firm also said that it has invested in two start-up companies-US-based Obopay , a mobile payments company and Minekey, a personalized search engine outfit.

This new venture fund has roped in industry veterans such as Certus founder Vani Kola, the managing director of NEA-IndoUS Ventures, former head of Mphasis BPO, Bhaskar Menon and Dr Kumar Shiralagi, former head of Intel Capital in India.

“This is a fund of Indians for Indians and by Indians. We are looking to invest in early and middle stage innovative Indian companies that will serve Indian and the global markets,” said Dham. The company is interested in funding companies involved in mobile services, digital media, telecom, enterprise, Internet, BPO/KPO, semiconductor and systems, software products, services, engineering design services, education and health care, added Dham.

He did not disclose the quantum of the fund but said that 20 per cent of the total fund would be contributed by Silicon Valley VC outfit New Enterprise Association (NEA).

Obopay, two-year old mobile payment company has already established itself in the US and is looking to venture into the Indian market. NEA-IndoUS is investing money towards setting up the company’s Indian subsidiary. Minekey on the other hand, is a start-up incubated in partnership with IIT Kharagpur.

On the New Path Ventures fund that Dham is also involved in, he said that most of the invested companies were in revenue or break even stage and NVP would be ready to exit in a few years’ time.

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