Bangalore-based early-stage venture capital firm IDG Ventures India is planning to raise $300 million India focused fund, Mint has reported. This willl be IDG Ventures’ second India-focused fund. IDG Ventures, which is part of the Boston-based technology-media publisher International Data Group Inc., had started its India operations in 2006 with a $150 million fund. They invest in a variety of early-stage technology companies.
A mail sent by VC Circle to Sudhir Sethi, Chairman and Managing Director of IDG Ventures India, to seek more details of the fund is yet to receive a response. The Mint report quotes Patrick J. McGovern, Chairman of IDG, as saying that India is much more attractive market than China as entrepreneurs in India have a global approach.
The investment focus of the fund is on technology and technology-enabled companies. The venture capital firm recently funded Bangalore-based online advertising network Ozone Media Solutions Pvt Ltd. It has funded seven other companies in India such as 3D Solid Compression, Kreeda, Aujas Networks, Manthan Systems, ConnectM, iViz and Perfint.
IDG has venture-capital affiliates in Boston, San Francisco, China and Vietnam. IDG publishes more than 300 newspapers and magazines in 85 countries, led by the Computerworld, InfoWorld, Macworld, Network World, PC World, and CIO global product lines.