[Via Business Standard] Promod Haque’s Norwest Venture Partners (NVP) is looking at diversifying into sectors beyond technology in India. It will fund startups in sectors like pharmaceuticals, biotechnology, healthcare, auto and auto components, says the report.

“We are already in talks with a number of start-ups in the area of pharma and biotechnology in India. NVP also has plans to invest in the automobile and the auto component segments in the country. Along with IT, pharma and auto components are the sectors to watch out for,” said Vab Goel, partner, NVP.

Norwest Venture will essentially invest in potential ideas that do not involve huge investments in infrastructure and utilise modern technologies such as the internet and mobile phones to communicate with clients, said Goel.

NVP has so far made investment in a Pune-based IT company, Persistent Systems. Last week, the company committed investments in a travel portal, yatraonline, to be operational in 2005.

Related:

What Is Hot, What Is Not: Q&A With Promod Haque, Managing Partner, Norwest Venture Partners

Yatra Online Gets $5 Million; Indian Travel Mart To Attract VC Attention

Pune’s Persistent Systems Announces Investment Of $18.8 Million By Norwest And Gabriel Venture Partners

“Indian Entrepreneurs Have An Excellent Opportunity To Start Companies With $1-10 million And Create Winners”

Posted on 01/31/06, 10:49 AM
in: Main Page, Venture Capital
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