Advertisment

New Path to invest $ 250m in Indian cos

author-image
CIOL Bureau
Updated On
New Update

PUNE: New Path Ventures, a fund focused on cross border start ups for developing chips and embedded software, is raising $250 million for early stage funding in Indian companies.

Advertisment

New Path is now setting up an office in Bangalore. The office would cater to the local needs of companies that have been funded so far and evaluate business plans and new opportunities in the country.

Tushar Dave, co-founder and managing member, New Path Ventures, also an investor in Nevis Networks, said that $60 million out of the current fund of around $90 million was invested in Indian companies.

New Path Ventures has so far invested in Telsima Communications, inSilica, Montalvo and Nevis Networks.

“We are now looking at investing in hardware oriented companies. We would be looking at product companies in Bangalore, Hyderabad, Chennai, Delhi and Pune, “ he said. The fund is looking at telecom sector and consumer sector for audio and video equipment.

“India is a prime destination for early stage funding. The growth of the local Indian market itself is driving this shift,” he said, adding that a major portion of the $ 250 million would be used towards early stage funding in companies. Presently, there are six funds in India including Intel, Chris Capital, WestBridge and Jumpstart that are in early stage funding.

tech-news