Handbook on

Venture Capital
An Entrepreneur's guide to
Early Stage Funding
Private Company
Financials, Transactions,
Valuations
July 2014
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Venture Capital Investor landscape in India
An Interview with Sarath Naru,
Managing Partner, Ventureast.
Venture Debt: A Catalyst for Growth
Entrepreneur Interview:
Gaurav Jain of Mast Kalandar
Negotiating Term Sheets - Legal Issues
Venture Capital Investor Directory
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Table of Contents
- Accelerators
- Incubators
- Angel Investors
- Seed Funds
- VC Firms
- SME Investors
- Social VC / Impact Investors
IIM-A
NCL Pune
NSRCEL
SINE
Landscape of Venture Capital
Investors in India
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Chennai Angels
Hyderabad Angels
Indian Angel Network
Mumbai Angels
Blume Ventures
India Innovation Fund
Orios Venture Partners
Seedfund
Ventureast
YourNest Angel Fund
Incubators
Angel
Networks
Seed
Level Funds
VC Funds
Early Stage
Accel India
Footprint Ventures
IDG Ventures India
Inventus Capital
Nexus Ventures
Sequoia Capital India
Ventureast
Typical Investment
< Rs.50 Lakhs
Typical Investment
Rs.50 Lakhs - 2 Crores
Typical Investment
Rs.50 Lakhs - 2 Crores
Typical Investment
Rs.2 - 10 Crores
Accelerators
500 Startups
Angel Prime
GSF Accelerator
Canaan Partners
Helion Ventures
Kalaari Capital
Nexus Ventures
SAIF
Sequoia Capital India
Ventureast
VC Funds
Growth Stage
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PE Investors
SME Focused
Aquarius
Abraaj Group
Avigo Capital
Bessemer
Gaja Capital
Headland Capital
IFC
IFCI Ventures
Lighthouse Funds
Mayfield
NEA
Zephyr Peacock
Landscape of Venture Capital Investors in India
Typical Investment
Rs.10 - 25 Crores
Typical Investment
Rs.25 - 100 Crores
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SARATH NARU,
Managing Partner, Ventureast
What is it that excites you about working in the
Venture Capital industry?
There is a wealth of entrepreneurial talent
available in India and its exciting to see how
venture capital makes so many dreams come true. The last five years has
witnessed the emergence of a rich, vibrant startup ecosystem across the
country in both metros as well as Tier 2 cities. And there is more to look
forward to!
As a VC investor, what do you look for in an entrepreneur?
On the top line, we look for entrepreneurs with an almost unwavering
passion and sense of urgency - we call it "fire in the belly". But along with
this comes the attitude and practical skills needed to make things
happen. These entrepreneurs have given up their cushy corporate jobs
to build a company from scratch. And most important of all, they should
have deep domain expertise, and must have been there and done
that because passion alone is no substitute for knowledge and
experience.
Luckily for us, the founders of our investee companies are also the type I
would go out for a drink with, especially after a heated argument!
What is your investment philosophy?
At Ventureast, we are a bunch of people who are passionate about
building businesses, and partnering with companies.
We are a multi-stage investor, with a penchant for early. A majority of
Ventureasts investments go into financing companies with business
models which are being adapted to meet Indias needs.
We partner with businesses which have the ability to scale up rapidly, led
by solid founding teams. We scout for startups where we can add value,
beyond capital. We never hesitate to roll up our sleeves and get in the
trenches when a company calls for it.
Can you elaborate on how else you add value to investee
companies?
Our involvement typically comes in at three different levels. The first is
with the cash flow, and helping raise third party debt/equity financing.
The second area is operational support, which involves marketing, MIS
and Financial systems development. The third area is strategy and
talent. We help our investee companies with hiring talent, identifying
experts as consultants, strategic planning at the Board level, forging
business alliances, and acquiring customers.
Which are your target segments and most attractive sectors as of
now?
We are open to investing in any innovation-driven business in a rapidly
growing sector. Innovation neednt be only in terms of technology but
could also be in the business model, and we are currently seeing a
combination of both in sectors like healthcare, retail, financial services,
internet commerce and cleantech.
We look out keenly for differentiation. Regardless of the stage or sector,
we have specialized funds led by teams with extensive operational
experience.
Simply looking at how our investments have evolved over the years-
starting with port management services and dairies in the late 1990s,
biotech and drug discoveries in the early part of the millennium to the
recent IT/ITeS, quick service restaurants, internet commerce etc.-
shows how nimble and adaptable we have been to the changing
entrepreneurial landscape in India.
What is your advice to entrepreneurs?
This is a great time to be an entrepreneur. There is money available for
new disruptive ideas and business models in the form of incubators,
venture capital funds and private equity investors.
At the end of the day, its all about execution. An entrepreneur must
essentially focus on one idea, and execute it against all odds.
KUMAR RANGARAJAN,
Co-founder & Chief Ion, Little Eye Labs
(now a part of Facebook)
"Ive recently had a chance to speak with
many startups and the one thing that I realize
which made a big difference for us is in finding
an investor like Ventureast, who is more of a mentor and friend.
In my mind, you were like a co-founder, because I felt the team
took a deep interest in what we were doing and guided us and
that made a huge difference, much beyond just the monetary
short-term gains. Team Ventureasts expertise was especially
useful while closing the deal. Its the faith you had in us,
irrespective of the outcome, which we truly appreciate.
MEENA GANESH,
CEO & Managing Director, Portea Medical
The team at Ventureast has been excellent
in providing us with strategic inputs,
excellent contacts for South East Asia and in
the US, as well as providing good day to day
support on investor related approvals and activities. Since we
were starting a new business in healthcare, we wanted in
addition to just a financial investor someone who can help us in
the healthcare sector. VEs dedicated life sciences fund and the
focus on the sector , experts in the field amongst their team was
critical for us as we needed ready introductions and plug-ins into
the ecosystem.
ENTREPRENEURS SPEAK
An Interview with Ventureast
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VENTURE CAPITAL INTERVIEW:
PRAKASH PRABHU,
Founder, Atyati
(acquired by Genpact in 2012)
Its not easy to build an organisation and
sustain it. The real value comes in when you
are down and the company isnt performing as
per expectations. Its important to get the right investor partner;
someone who believes in the long term; and rolls up their sleeves
to pitch in beyond capital to help the company. Ventureast has
been supportive, professional, and good in dealing above the
board.
Ventureast is one of Indias longest-standing venture capital
institutions. Investing in pioneering sectors since the mid-90s,
Ventureast has enabled over 80 seed, early and growth stage
businesses in a broad array of sectors including technology, life
sciences and clean environment.
The Ventureast credo simply put is, We Differentiate, You Win.
Backing this is a team and network with deep expertise in
domains ranging from semi-conductors to drug discovery, from
infrastructure to consumer goods, from clean tech to mobility,
thus bringing together the widest capability in the country.
The Ventureast family of funds - Ventureast Proactive Fund,
Ventureast Life Fund and Ventureast Tenet Fund feature a wide
investor base consisting of institutional investors from across the
world. The Ventureast portfolio features market-leading
companies like Indias largest parking management company,
Indias largest ethnic fast food chain, Indias first and unique low-
cost ATM, and Indias largest organic foods company.
VENTUREAST - A BRIEF PROFILE
Venture Debt
A Catalyst for Growth
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It is common belief that debt for an early stage company or a startup
is not feasible. The risks appear simply too high. Startups have no
reliable cash flows, tangible collateral, or track records to support loan
repayment which inevitably leads to the conclusion that the funding
needs of a young, albeit high- growth company should only be met
through equity from promoters who seek to bootstrap their
companies or external investors in the form of risk capital. Certainly
over time, a number of methods and sources have arisen to fund
startups including individual angel investors, seed investing groups
and venture capital funds. Conventional wisdom however, does not
explain the global emergence of a niche industry of venture lenders
that lend profitably to startups. Venture debt forms a significant part
of the overall venture capital market and in more developed markets
like the US, venture debt constitutes an estimated 8-10% of the total
venture capital market.
An Overview What and Why?
Collateral and even personal guarantees from promoters to over
collateralize the loan. In contrast, venture lenders seek to understand
the enterprise value of a company and assess how that will grow in order
to gauge how a companys cash flows will evolve to repay the debt. A
solid VC investor base, an experienced management team and a
credible business plan are all drivers of strong enterprise value and
factors that a venture lender would consider when making an
assessment.
Venture Debt in the Indian context
Venture debt is still in its nascent stage in India. High growth, innovative
Indian companies do not have many alternatives for capital other than
raising equity. Banks have had limited exposure to startup companies.
The small ticket size of loans and high cost of servicing them limits the
ability of banks to spend the effort to understand startups. While several
banks in India have set up a focus on SMEs, they generally do not extend
relationship coverage to startup companies until they mature and turn
profitable.
While banks may eventually get comfortable, their credit appetite using
traditional methods of credit evaluation tends to be marginal and
suboptimal from the borrowers perspective. Therefore, traditional
bank financing is rarely available in this segment without severe
limitations on the use of funds and without a high collateral cover or
personal pledge and guarantees, owing to which startups are virtually
ignored by banks in India. Consequently, the demand for growth capital
by early stage companies significantly outpaces supply. SVB India views
this as a critical gap in the venture ecosystem in India and works to
bridge the gap through its venture lending program that ensures
companies have access to appropriately structured risk capital at all
stages of their development.
Uniqueness of SVBs Venture Lending approach in
India
SVBs model of venture debt in India is different from the traditional
models of venture debt in other global markets like the US, Europe and
Israel. This stems from the differences in the investing thesis employed
by venture capital investors in India as compared with the approach in
global markets. VCs in global markets have traditionally invested in
technology companies that have significant intellectual property (IP)
assets. In contrast, VC investments in India are more broad-based along
business models ranging from technology to fast food and branded
retail to e-commerce. This is where the knowledge and experience of
the senior team at SVB India translates into a material advantage.
While the lack of IP might make it difficult for traditional venture lenders
to lend to most Indian startups, SVB understands that Indian companies
have varied bases of value creation with different growth dynamics and
inflection points. Factors such as gaining a first mover advantage,
having a strong distribution network, building a unique process, or
developing a recognizable brand confer relatively stronger competitive
advantages than purely developing IP assets in a disaggregated and
geographically diverse market as India. The SVB team has been able to
understand those dynamics and has built a unique framework to
evaluate loan requests, and structure and monitor deals effectively. In
essence, the lending proposition works very much in the same way; just
tweaked a little to take advantage of the wide canvas of opportunities
that India offers.
But what financial motivations could possibly make it worthwhile for
these venture lenders to lend to risky startups? Although the risk of
lending to startups is generally high, the credit risk can be mitigated
under certain circumstances. The extent to which the risk is mitigated is
highly dependent on the lenders skill and understanding of such
circumstances. Traditional lenders look for companies with historic
profitability, established cash flows and tangible assets that can serve as
Venture debt extends the liquidity runway of a company which
improves the chances of achieving more than just one
milestone in the extended time frame and of raising the next
The debt can be used to finance the companys growth and capital
expenditure requirements including accelerating product development
or making key hires enabling venture capital equity to be reserved for
funding other business critical activities. Venture debt is valuable not
only to startups but also to high growth profitable companies that fail to
attract conventional debt financing because their cash flow, asset
values, or end-use do not support typical underwriting standards. The
structures of venture debt solutions are aligned to fit the profile of the
company and its specific requirement.
Venture Debt means any form of debt financing provided to a company
that is still dependent on venture capital financing to fund its operations.
It is a source of capital which augments a companys equity raise with a
comparatively less dilutive buffer of cash that can support a companys
growth and extend its liquidity runway. A venture loan while cheaper
than equity, does not try to replace equity.
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done in India, SVBs venture debt offering has allowed many startups to
minimize dilution while raising alternative forms of capital that is also
advantageous in terms of achieving a more efficient capital structure a
mix of equity and debt. Many of the companies in our portfolio have
been successful in reducing their overall cost of capital by availing
multiple debt infusions over time. With so many years of presence in the
entrepreneurial and venture capital ecosystem in India, SVB is well
positioned to support disruptive innovation in the increasing number of
investor-backed companies across stages and sectors.
The core instrument is a medium term loan ranging from Rs.3 Cr to
Rs.25 Cr depending on the stage of the company and nature of the
requirement. Interest rates are fixed for the tenor of the loan and are
priced competitively compared with rates that SME companies can
usually obtain from banks. A small equity kicker enables additional
contingent upside returns, if the company does well and provides some
additional returns on a portfolio basis to compensate for the higher risk.
SVB does not mandate any particular end use for the funds and it can be
utilized in any form such as accelerating product development, key hires,
expanding to a new market, making acquisitions, operational working
capital or even refinancing. While SVB does not take board seats on its
portfolio companies, the team is always willing to leverage its
experience and SVBs global network encompassing a large number of
early to growth stage companies as well as investors to assist their clients
as and when required in their business or strategic pursuits.
Management Outlook About SVB India Finance and Key Terms
SVB India Finance was started in Mumbai in 2008 and is positioned as
India's first and only specialty lending business targeting high growth
entrepreneurial companies in India backed by top-tier venture capital
and private equity investors. Across more than 60 loan transactions
Vivek Subramanyam
(CEO, iCreate Software)
Chetan Kulkarni
(CEO, Vizury)
We are pleased in partnering with a leading global player focused on the
start-up ecosystem such as SVB. Their understanding of the unique
requirements of start-ups translates to flexible products that meet the
venture debt funding requirements and are structured in a mutually
beneficial manner.
We are very pleased with our recent engagement with SVB India
Finance. The alacrity of their team, the level of attention and care given
to us and the process of securing debt funding were all remarkable.
Venture debt has been established to be a useful tool for high growth
tech startups globally but in India the utility of this product extends to
growth stage companies as well as non tech sectors, as seen from our
experience over the last few years. This is also a sign of the Indian
venture ecosystem evolving further with differentiated avenues of
capital becoming available to fund the ever growing needs of high
potential startups, in tandem with the emerging green shoots in the
overall macro environment.
India is an exciting market for us to be in with strong emerging grass-
roots entrepreneurship and growing sources of innovation capital. Our
approach in the market goes further than just providing venture loans to
young VC-backed companies. Our relationship with Angel forums and
initiatives like the HALO Report for India provide us with ways to get
more involved with the emerging startup ecosystem in this market
Ajay Hattangdi,
CEO & Managing Director, India
Vinod Murali,
Managing Director
VENTURE DEBT A CATALYST FOR GROWTH
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GAURAV JAIN
Co-founder & CEO of Mast Kalandar
Funding: Mast Kalandar, a chain of quick service
restaurants (QSR) serving North Indian cuisine, has
raised over Rs.45 crore in venture capital funding
(starting in July 2008) from Footprint Ventures and
Helion Ventures. The company had also raised venture
debt from SVB India and a strategic investment from the Salarpuria
Group.
Venture Intelligence: You had started Mast Kalandar after working
for a few years in the IT industry. Why did you choose to go for VC
funding as the preferred form of financing for your venture?
Gaurav Jain: We were clear right at the beginning that we wanted to
grow rapidly. So, we had two options - one is the franchising route and
the other is VC investment. The franchising route comes with its own
disadvantages, whereas the VC route brings with it not only the money
but also other benefits.
VI: What are the other benefits that your VC investors have
brought to the table for Mast Kalandar?
GJ: Right from advising on the business strategy and business plan to
things like recruiting the right people into the company and connecting
us to the right consultants and professionals (for design, marketing,
social media, etc.) and other companies which might be good partners,
our VCs have been instrumental in a lot of things.
VI: What was your experience in meeting and pitching your
proposal to VC investors in the early phase?
GJ: When we raised our first round, QSR was not such a hot sector for
VC investments as it is today. We got introduced to the investors
through some common business acquaintances. We were lucky in that
the investors were also willing to look at this space and we did not have
to go through an elaborate fund raising exercise. They liked the business
and we liked the people behind the capital.
VI: What would your advice be to other entrepreneurs who are
considering VC financing? Is there anything specific you would add
for startups in the QSR sector?
GJ: VCs are generally industry agnostic and their approach is not very
different to a company in QSR or any other sector. Having said that, the
person making the investment needs to have an overall understanding
of the sector he/she is going to invest in. The end motive may be the
returns, but if a person doesnt understand retail or QSR, he/she will not
be able to do justice in terms of meeting the expectations of the
company. When you are getting an investment, you should do a
thorough research of the person who would represent the VC firm (in
your company) and ensure that he/she understands the space. That is a
key thing. Second, the person should be someone that you would be
able to get along with well. If that relationship angle is missing, sooner
or later it is not going to give a good feeling and you will have issues
cropping up.
VI: Mast Kalandar has also used the initial advantage of raising VC
funding to then raise venture debt from SVB. Can you share some
highlights on that?
GJ: We went the venture debt route when we wanted to extend our
runway (before diluting more equity). Once we raised another equity
round, we chose to return that capital. We found the venture debt
option to be a good one to exercise at that point as the cost of debt
made sense and it helped us build more value in the company.
Interview with Gaurav Jain,
Co-founder & CEO of Mast Kalandar
Negotiating term sheets
- Legal Issues
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The fact that convertible debentures, while in the unconverted state,
rank as debt; and in that form, rank higher than the holders of equity
shares in the queue of persons eligible to receive distributions (in the
event of the company being wound up), are factors that funds take into
account.

What rights can the instrument have? Note that shares with
differential voting rights (DVR Shares) cannot be freely issued by
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companies, without complying with certain conditions. In this context,
the Liquidation Preference clause assumes significance. In jurisdictions
like the United States, where (comparative to India) companies can be
wound up or liquidated relatively quickly, the term liquidation
preference is used to imply that in the event the company is liquidated
or sold, i.e., an exit event is created, the fund would first get its returns
(1x, 2x, etc.) before the founders get their share. However, the use of
this term in the Indian context gives rise to some confusion (since the
word liquidation suggests dissolution of the company, the process for
which is prescribed under the Indian company law). The Indian
company law also prescribes the manner in which available moneys
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must be paid out , and hence, any contractually agreed clauses on the
manner in which moneys must be distributed upon winding-up may not
be given effect to by courts. The better expression is, therefore, a
'distribution preference' arising upon the occurrence of a 'liquidity'
event, namely, a transaction that realizes the 'value' of the company,
typically, in cash (although a share or stock deal is not ruled out, except
that achieving it is a regulatory challenge). Note however that there is
no contractual restriction on agreeing as to how moneys must be
distributed in case of other exit events such as sale to a third party (who
may be a strategic or financial investor), as long as applicable exchange
control and taxation laws are complied with.
To avoid confusion in the Indian context, it is important to perhaps
separate the Liquidation preference clause into two distinct strands
one, what happens in case of winding up under the Indian company law,
and two, what happens in case of an exit or liquidity event.
Unfortunately, it is not unusual to see the terms 'liquidity' and
'liquidation' being (incorrectly) used interchangeably.
Exit provisions. Commonly used exit provisions include initial public
offering, strategic sale, buy-back, and put / call options. Put / call
options have received some welcome regulatory sanction recently. Over
the last few years, the put option and call option have been in the eye
of a regulatory storm in India. This is because the Reserve Bank of India
(RBI) considered these options as granting foreign investors
guaranteed returns, giving the investment instrument debt-like
features, as opposed to equity. The Securities Exchange Board of India
(SEBI) considered that all options must only be exchange-traded and
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cannot be off-exchange, contractually agreed between parties. The
RBI has, in January 2014, allowed issuance of equity shares and
compulsorily and mandatorily convertible preference shares and
debentures containing an optionality clause, but without any option /
right to exit at an assured price, to a person resident outside India. These
Overview of main provisions in Term Sheets
Term sheet, non-binding term sheet, indicative term sheet, Letter of
Intent, Head of Terms, Memorandum of Understanding, Non-
binding MOU are commonly heard terms in the private equity / venture
capital world. This article will look at commonly encountered issues in
negotiating, and the issue of the enforceability of, these documents in
the Indian context.
Simply put, a Term Sheet, by whatever name called, and whether a
simple 2-pager, or a detailed tome, is a document that sets out key
financial, protective and governance terms of a proposed investment by
1
a VC or a PE fund in a company looking for investment. What they all
usually have in common is the understanding that they are not binding
2
until the execution of definitive documentation. Typically, the financial
provisions covered in a Term Sheet are the proposed investment
amount, valuation of the company, type of investment instrument, and
a timeline for the investor's exit, together with indicative exit
3
mechanisms. Governance terms and protective provisions include the
composition of the board of directors, a lock-in over the founders
shares, and sometimes, detailed provisions governing share transfers.
Protective provisions will seek to safeguard the funds investment in
several ways, for example, the right to receive detailed information
about the companys financial health (including management
information system reports and unaudited monthly financial
statements). The right to veto certain actions, and anti-dilution rights in
future financing rounds, are also commonly seen.
Financial provisions
What instrument? Once the parties have agreed on the valuation of
the company, the next question is as to what kind of investment
instrument is desired. Available options are equity shares, preference
4
shares, and convertible instruments. Note that in case of investments
5
by non-resident funds, all shares must be fully paid-up , and the price
per share must be above the fair value arrived at in accordance with
prescribed methods. Several factors influence the funds choice of
instrument. The principal one is how the fund envisions its role in the
company. Funds which want to have a hands-on, operational role in the
day-to-day affairs of the company may choose large or controlling
stakes of above 50% of the equity shareholding. Funds for which the
investment is a purely financial one may choose convertible instruments.
1. For a detailed analysis of private equity fund formation and transactions in India, please see
http://www.samvadpartners.com/wp-content/uploads/2013/06/Getting-The-Deal-
Thr ough- I ndi a - Pr i v a t e - E qui t y- 2012- Fund- For ma t i on- Cha pt e r. pdf .
http://www.samvadpartners.com/wp-content/uploads/2013/06/Getting-The-Deal-
Through-India-Private-Equity-2012-Transactions-Chapter.pdf
2. Typically, a share subscription or purchase agreement and a shareholders agreement.
3. Including initial public offers (IPO), strategic sale, 'put option,' 'call option' among
others. The 'Liquidation Preference' clause is also a significant one.
4. Such as convertible debentures or preference shares. Also, convertible instruments must
be fully and mandatorily convertible in order to be reckoned as equity. Partly convertible or
non-convertible instruments would be reckoned as debt and subject to the more onerous
rules applicable to external commercial borrowings.
5. Partly paid instruments are not allowed for FDI, except with prior approval of the
Government.
Negotiating term sheets
- Legal Issues
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Enforceability of Term Sheets in India
There have not been significant judicial pronouncements on the
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question of enforceability of a venture capital term sheet. To
summarise, term sheets are preliminary agreements, evidencing an
intention of the parties to enter into a contract at a future date. Such
agreements to agree are not enforceable under both English and
Indian law, although, there may be exceptions depending on the facts
and circumstance of each case, the conduct and the intention (whether
express or implied) of the parties to create legal relations. Whether or
not a term sheet is binding on the parties depends on the provisions
contained therein. Therefore, the parties must employ a clear and
unambiguous language to avoid disputes. Certain clauses like
Exclusivity, Confidentiality and No-Shop, and the related Dispute
Resolution provisions, must be expressly stated to be valid and binding,
independently of whether or not the deal goes ahead with the execution
of definitive documentation. Importantly, clauses dealing with costs or
fees, and who is to bear them, whether or not the deal goes through,
must also be clearly indicated to be binding, so as to avoid unpleasant
shocks later. The concept of break-fees and its payment, is another
clause, that must be made so binding irrespective of deal closure.
instruments are viewed as eligible instruments to be issued to a person
resident outside India by an Indian company, subject to certain terms
and conditions.
Governance Terms
Board and Shareholder meetings. Funds would want a say in the way
the company is run, on certain important items, at least, and will
typically nominate at least 1 director to the companys board, coupled
with a list of items on which the board cannot proceed unless such
nominee director has consented. This list is typically replicated at the
shareholder level as well, such that no resolution can be passed by the
shareholders in general meeting on the specified list of matters, unless
the fund, as a shareholder has consented (whether at the shareholders
meeting, through its authorized representative, or through a separate
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written consent). While most funds seek to nominate a director(s) on
the companys board, there has been a rise in the trend where certain
funds prefer to appoint an observer on the companys board instead
of a director.
Restrictions on Share Transfers. The ability to restrict the transfer of
shares in private companies is important from the investors point of
10
view. Typically, such investors would want to ensure that the founders
/ promoters of their investee company cannot unilaterally decide to
jump ship in the event the companys business is floundering
therefore, elaborate provisions governing the transfer of shares is
typically included in transaction documents and replicated in the articles
of association of the company. These include rights of tag-along,
drag-along, come along, rights of first offer and rights of first
refusal. While these rights are now fairly common in the industry, their
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enforceability in court is yet to be tested.
6. For example, one of the key conditions is that the company have distributable profits in
the 3 financial years prior to the year in which DVR Shares are to be issued.
7. First, and paripassu,to secured creditors and workmen; thereafter to satisfy all other debts;
and only finally to shareholders (preference and equity, in that order).
8. For a detailed article on the subject, see http://www.siac.org.sg/index.php?
Option=com_content&View=article&id=406:enforceability-of-put-and-call-options -
in-india-in-the-current- regulatory-environment&catid=56:articles&Itemid=171
9. These rights carry greater weight in private companies, while in public and public listed
companies, the legal implications of these kinds of rights is very much a grey area. When
the question of whether these 'affirmative rights' or 'veto rights' amount to the fund
acquiring 'control' over the investee company for the purpose of the takeover regulations
came up before the SEBI, SEBI ruled in the affirmative. The Securities Appellate Tribunal
(SAT) reversed SEBI's order. The matter went up before the Supreme Court, but was
unfortunately settled before the Supreme Court could pass an order on the merits. The
Supreme Court did however expressly state that the SAT's ruling was not to be treated as
precedent. There is a likelihood that in the future a regulator or court could take the view
that funds enjoy 'control' over their investee companies, with attendant legal implications.
10. Shares or debentures or other interest of any member in a company are movable property
transferable in the manner provided by the articles of the Company. (S. 44, Indian
Companies Act, 2013). One of the important differences between private and public
companies in India is that a private company must by definition restrict the right to
transfer its shares. For public unlisted and listed companies, unfettered transferability of
shares is key.
11. This is important when one recalls that foreign investment rules are layered upon the
Indian company law. So, while the above rights may fall within the ambit of the Indian
company laws provided right to private companies to restrict the transferability of
shares, FEMA regulations still have to be considered. Therefore, a foreign investor may
not be able to enforce its drag right in FEMA-regulated sectors, unless the pricing
guidelines are complied with.
12. Although the question has come up several times before Indian courts in the commercial
contracts context.
VE NT UR E
INTELLIGENCE
Handbook on
Venture Capital
Samvad: Partners is a partner-led, solution-oriented law firm, formed by the merger of Narasappa, Doraswamy & Raja (NDR) and V Chambers
of Law. The Firm is committed to providing smart and quality legal advice to our clients; maintaining the highest levels of professional integrity; and
nurturing our lawyers in a work environment that motivates them to achieve and maintain the highest standards.
The Partners of the Firm Mr. Harish Narasappa, Ms. Neela Badami, Ms. Nivedita Nivargi, Ms. Poornima Hatti, Mr. Rohan K. George, Mr. Siddharth
Raja and Ms. Vineetha M. G. are leaders in their respective fields of practice. The majority of our Partners have a rich mix of domestic and
international experience, having worked in several legal and financial capitals around the world, including London, Hong Kong, Singapore,
Mumbai, New Delhi and the Hague. Our lawyers are truly international, with several being admitted to practice law in India, England & Wales and
New York, bringing with them a deep and diverse international perspective.
With offices in Bangalore, Chennai, Mumbai and New Delhi the Firms partners and the legacy firm NDR have regularly received the highest
accolades and ranking from our peers, including recognition in Chambers & Partners and Legal500, over the past few years.
DISCLAIMER: PLEASE NOTE THAT THE CONTENTS OF THIS ARTICLE ARE NOT MEANT TO BE A SUBSTITUTE FOR OBTAINING LEGAL ADVICE.
IT IS ONLY AN INTRODUCTION FOR INFORMATIONAL PURPOSES AND WE URGE YOU TO CONSULT YOUR LAWYERS FOR SPECIFIC
ADVICE.
NEELA BADAMI,
Partner
Neela Badami works primarily in the areas of
mergers & acquisitions, private equity & venture
capital, TMT, general commercial contracts and
public international law advisory.
Neela holds a B.A., B.L (Hons.) degree from the National Academy of
Legal Studies and Research (NALSAR) University of Law, Hyderabad
(2005, Gold Medallist). While at NALSAR, Neela represented India at
the Philip C. Jessup International Law Moot Court Competition (2004).
She holds an LL.M from the University of Michigan Law School, Ann
Arbor, U.S.A (2008, Michigan Grotius Scholar).
Prior to joining the Firm, Neela was an associate in the Capital Markets
Practice Group at AmarchandMangaldas, Mumbai. Neela has also
worked as a Law Clerk at the International Criminal Court in the Hague,
Netherlands (Legal Advisory Section, Office of the Prosecutor).
Neela stays connected to academia through both writing and teaching
engagements recently, she has taught a 1-credit elective course at her
alma mater, NALSAR, on Private Equity and Venture Capital
Transactions in India. She has been published nationally and
internationally. Neela serves as a member of the Native Speaker Board
advising the Goettingen Journal of International Law, as well as on the
Editorial Board of the Forum for International Criminal and
Humanitarian Law.
She can be reached at neela@samvadpartners.com
SINDHUSHRI BADARINATH,
Senior Associate
Sindhushri Badarinath works in the areas of private
equity / venture capital transactions, real estate
and general commercial law.
Sindhushri holds a B.B.A., LL.B. degree from Symbiosis Law School,
Pune (2009). She has also completed a diploma in international business
laws and corporate laws in India from Symbiosis International University
(formerly known as SIEC (Deemed) University). She is admitted to
practice law in India.
She has previously worked as an associate with Indus Law, Bangalore
and has handled matters relating to general commercial law and
employment / labour laws. She has worked on a variety of corporate
legal assignments for clients in ICT (information and communication
technology), healthcare, retail, and manufacturing sectors.
She can be reached at sindhushri@samvadpartners.com
Introduction and overview
Premium Listings
VE NT UR E
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Handbook on
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SVB India Finance Private Limited
www.svb.com/india
About the Firm:
Started in 2008, SVB India Finance Private Limited
is a subsidiary of Silicon Valley Bank. It is positioned
as India's first and only specialty lending business
targeting high growth entrepreneurial companies
in India backed by top-tier venture capital and
private equity investors. We have done over 60
transactions across sectors in India ranging from
technology, ecommerce, healthcare to QSR,
education etc. We offer multiple sources of diverse
debt capital including venture debt, acquisition
financing, growth capital and capex financing.
Office Address:
12th Floor, Express Towers
Nariman Point
Mumbai - 400021
Tel: +91 22 6744 6500
Fax: +91 22 6744 6565
Contact Persons
(Name, Designation, E-mail & Contact no.):
Sujana Ravishankar
Sravishankar@svb.com
Preferred Sectors:
Sector-agnostic
Investment Range:
Rs.3 Cr to Rs.25 Cr.
Select Transactions:
Applied Solar Technologies, Capillary Technologies, Faasos Food
Services, Indiahomes, iYogi Technologies, Manthan Software
Systems, Myntra, Prizm Payments, Snapdeal, Yatra.com
We are looking for:
We look for early to growth stage high potential companies that
have raised equity investment from top tier institutional Venture
Capital or Private Equity investors. Companies that have strong
management teams and robust investor support in addition to
significant IP or display of innovation form our target
addressable market.
Premium Listings
VE NT UR E
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Handbook on
Venture Capital
Ventureast
www.ventureast.net
Ventureast is a pioneering Indian VC fund manager
with a rich history of investing in innovative
businesses across multiple sectors, and multiple
stages of a business - from seed and early to growth
stages. Patience and nerve, combined with a
wealth of operational experience and knowledge
gained by helping our investee partners
differentiate- this best defines Team Ventureast,
who is ever excited to join trailblazing
entrepreneurs in a shared journey of building a
great company.
Office Address:
Address: 5B,
Ramachandra Avenue,
Seethammal Colony, First Main Road,
Alwarpet,
Chennai 600 018,
Tamilnadu, India.
Tel: +91 44 2432 9864 / +91 44 2432 9863
I: 8-2-546, Plot No.140,
Sheesh Mahal, Road No. 7,
Banjara Hills,
Hyderabad-500 034,
Andhra Pradesh, India.
Tel: +91-40-2335 1044 / 45 / 46, 6551 0491
Level 1, am@10,
MB Towers,Road No. 10,
Banjara Hills,
Hyderabad- 500 034,India
Tel: +91-40-46464880
Contact Details:
Email: info@ventureast.net
Logo
Preferred Sectors:
Technology (Mobility, Cloud, Internet) and technology-enabled
(Education, Healthcare, Financial services, Cleantech and high-
impact, invention-based social businesses); Life science and
Clean Environment (drug discovery, pharmaceuticals,
manufacturing, infrastructure services, healthcare); Seed and
incubation stage businesses.
Some marquee investments:
Portea Medical, Bharat Light & Power; GoliVada Pav; Atyati;
Little Eye Labs; Sresta (24 Letter Mantra), Polygenta,
LoyltyRewardz; onemi
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VE NT UR E
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Kalaari Capital
www.kalaari.com
Kalaari is a leading India focused venture capital
fund, with a strong advisory team in Bangalore
investing in early-stage, technology-oriented
companies in India. We are passionate about
investing in entrepreneurs who are poised to be
tomorrow's global leaders. We seek companies that
are capturing new markets, providing innovative
solutions, and creating new wealth for India and
beyond.
Office Address:
Ground floor, Unit-2, Navigator Building
ITPB, Whitefield Road
Bangalore, Karnataka 560 066
Tel: +91 080 67159600
Contact Persons
(Name, Designation, E-mail & Contact no.):
Vani Kola; General Partner vani@kalaari.com
Rajesh Raju; General Partner rajesh@kalaari.com
Kumar Shiralagi; General Partner kumar@kalaari.com
Karthik N; CFO karthik@kalaari.com
Sampath P; Principal sampath@kalaari.com
Sumit Jain; Principal sumit@kalaari.com
Mandar D; Senior Associate mandar@kalaari.com
Vibhav V; Analyst vibhav@kalaari.com
Logo
Preferred Sectors:
Internet products and services Mobile and mobile enabled
technologies Enterprise software (IP led products, SaaS/Cloud)
Education
Investment Range:
$2M - $5M
Select Investments:
HandsFreeNetworks, Magzter, Myntra, Ovenfresh, Power2SME
Robosoft, Simplilearn, Snapdeal, Urban Ladder, Vyome
We are looking for:
We look for early stage companies that are technology-enabled
and have high potential to emerge as market leaders.
Companies that have strong management teams, targeting large
and growing markets through innovative and disruptive business
models, are ideal partners for Kalaari.
Directory Section - Active Accelerators
VE NT UR E
INTELLIGENCE
Handbook on
Venture Capital
Anil Joshi
500 Startups
www.500.co
Freemont Partners
Mumbai
www.freemontpartners.com
Angel Prime
Bangalore
www.angelprime.com
iAccelerator
Ahmedabad
www.iaccelerator.org
Kyron
Bangalore
www.kyron.me
The Startup Centre
Chennai
www.thestartupcentre.com
5ideas
Gurgaon
www.5ideas.in
GSF Accelerator
www.gsfindia.com
First Light Ventures
Mumbai
www.firstlight.vc
INFUSE Ventures
Ahmedabad
www.infuseventures.in
Microsoft Ventures Accelerator
Bangalore
www.microsoftventures.com
Startup Village
Kochi
www.startupvillage.in
Directory Section - Active Accelerators
VE NT UR E
INTELLIGENCE
Handbook on
Venture Capital
Anil Joshi
TLabs
www.venturenursery.com
Veddis Ventures
Gurgaon
www.veddis.com
VentureNursery
Mumbai
www.venturenursery.com
Directory Section - Active Incubators
VE NT UR E
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Handbook on
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Mumbai Angels
Anil Joshi
Abiyan
Lucknow
T: 91 90053 72642
www.abhiyaniiml.com/node
Amity TBI
Noida
T: 91 120 465 9000
www.amity.edu/aii/
Bannari TBI
Sathyamangalam
T: 91 4295 226 322
www.bittbi.com
Centre for Entrepreneurship
Gurgaon
T: 91 124 234 3655
BEC STEP
Bagalkot
T: 91 8354 220 689
www.becbgk.edu/beckstep.html
BMInstitute of Engineering & Technology
Sonipat
T: 91 130 223 0563
www.bmiet.net
CIIE, IIM A
Ahmedabad
T: 91 79 6632 4201
www.ciieindia.org
Center for Entrepreneurship - SPJIMR
Mumbai
T: 91 22 2623 7454
www.spjimr.org/centre_entrepreneurship/home.asp
Centre for Biotechnology Incubator
Chennai
T: 91 98403 48173
D.K.T.E. Societys
Kolhapur
T: 91 230 242 1300
www.dktes.com
Amrita TBI
Kollam
T: 91 476 280 4523
www.amritatbi.com
All India Association of Industries
Mumbai
T: 91 22 2201 9265
www.aiaiindia.com
Listing of Active Incubators
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Mumbai Angels
Anil Joshi
EDC
Ambala
T: 91 1731 275 792
EDC
Radaur
T: 91 1732 277 314
EDC-Jawaharlal Nehru College
Pasighat
T: 91 368 222 2496
Entrepreneurship Development Institute
of India
Gandhinagar
T: 91 79 2396 9151
www.ediindia.org
EDC-SNIST
Hyderabad
T: 91 8415 223 001
E health-TBI
Bangalore
T: 91 80 2642 0001
www.ehealthtbi.com
GNEC-STEP
Ludhiana
T: 91 161 249 0339
www.gndec.ac.in
FMS,Entrepreneurship Cell
Delhi
T: 91 88009 49495
www.ecell-fms.org
Ekta Incubation Centre
Kolkata
T: 91 33 2367 3978
www.technologyembryo.com
HBTI-STEP
Kanpur
T: 91 512 256 2536
www.stephbti.org
EDC-Faraday Bicentanary Sciente Park
Guwahati
T: 91 361 260 6610
www.edccottoncollege.org
EDC
Bhavnagar
T: 91 278 242 9852
Listing of Active Incubators
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Handbook on
Venture Capital
Mumbai Angels
Anil Joshi
ICICI KP
Hyderabad
T: 91 40 2348 0022
www.iciciknowledgepark.com
Incubation and Entrepreneurship centre,SRM
Chennai
T: 91 44 2474 2836
www.srmuniv.ac.in/incubation_entrepreneurship.php
Indian School of Business (ISB) - Wadhwani
Centre
Hyderabad
T: 9140 2318 7100
JSSATE STEP
Noida
T: 91 120 240 1484
www.jssstepnoida.org
International RCI Road-EDC
Hyderabad
T: 91 40 24457 1047
Innovation Centre
Manipal
T: 91 820 292 2323
www.manipal.edu
Krishna TBI
Ghaziabad
T: 91 120 267 5314
www.kiet.edu
KIITCIE
Bhubaneswar
T: 91 674 272 5466
www.kiitincubator.in
IT BHU, Varanasi
Varanasi
T: 91 542 236 8427
www.itbhu.ac.in
Kukhatapally-EDC
Hyderabad
T: 91 40 2305 2650
IndiaCo Ventures
Pune
T: 91 20 2551 3254
www.indiaco.com
ICRISAT
Hyderabad
T: 91 40 3071 3071
www.icrisat.org
Listing of Active Incubators
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Venture Capital
Mumbai Angels
Anil Joshi
MICA
Ahmedabad
T: 91 2717 308 250
www.mica.ac.in/mode/home
NDBI
Ahmedabad
T: 91 79 2662 3692
www.ndbiindia.org
Netaji Subhash Institute of Technology
New Delhi
T: 91 11 2509 9050
www.nsit.ac.in
NSRCEL
Bangalore
T: 91 80 2699 3769
www.nsrcel.org
NIT
Calicut
www.nitc.ac.in
NITK-STEP
Surathkal
T: 91 824 247 5490
www.nitkstep.org
Periyar TBI
Vallam Thanjavur
T: 91 4326 264 520
www.periyartbi.org
Osmania University-EDC
Hyderabad
T: 91 40 2709 8254
www.uceou.edu
NMAM Institute of Technology
Nitte
T: 91 8258 281 263
PSG-STEP
Coimbatore
T: 91 422 436 3300
www.psgstep.org
NDRI
Karnal
T: 91 184 225 2800
www.karnal.gov.in/res_ndri.asp
MITCON
Pune
T: 91 20 2553 3309
www.mitconindia.com
Listing of Active Incubators
VE NT UR E
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Handbook on
Venture Capital
Mumbai Angels
Anil Joshi
RTBI-IIT
Chennai
T: 91 44 6646 9872
www.rtbi.in
SIDBI IIT
Kanpur
T: 91 512 259 6646
www.iitk.ac.in/siic
SJCE STEP
Mysore
T: 91 821 254 8321
www.sjcestep.in
STEP-IIT
Roorkee
T: 91 1332 272 337
STEP
Bhopal
T: 91 755 405 1000
www.manit.ac.in
STEP-BIT
Ranchi
T: 91 651 227 544
www.bitmesra.ac.in
STEP-TIET
Patiala
T: 91 175 239 3011
www.nstedb.com/fsr-tbi09/STEP9/About.html
STEP-NSIC Technical Services Centre
Rajkot
T: 91 281 238 7613
STEP IIT
Kharagpur
T: 91 322 228 1090
www.stepiitkgp.in
STP
Pune
T: 91 20 2293 2644
www.stpp.soft.net
SINE
Mumbai
T: 91 22 2576 7072
www.sineiitb.org
Shriram Institute For Industrial Research
Delhi
T: 91 11 2766 7267
www.shriraminstitute.org
Listing of Active Incubators
VE NT UR E
INTELLIGENCE
Handbook on
Venture Capital
Mumbai Angels
Anil Joshi
Tamil Nadu Agricultural University (TNAU)
Chennai
T: 91 422 661 1201
www.tnau.ac.in
TBI-Anna University
Chennai
T: 91 44 223 50772
www.annauniv.edu/act/cbt/index.htm
TBI-Indira Gandhi Institute of Technology
Delhi
T: 91 11 2659 1057
TBI BITS,
Pilani,
T: 91 1596 245073
www.bitspilani.ac.in/pilani/technologybusiness/
TechnologyBusinessIncubator
TBI Composites
Bangalore
T: 91 80 6599 7605
www.compositestechnologypark.com/
detailsofctp.htm
TBI Univ. of Delhi
Delhi
T: 91 11 2411 6559
www.nstedb.com/institutional/tbi-center.htm
TBI-ICT
Hyderabad
T: 91 40 2719 3030
TBI-UOH
Hyderabad
T: 91 40 2313 5000
TBI
Erode
T: 91 4294 226 650
www.tbi-kec.org
Technopark
Trivandrum
T: 91 471 270 0222
www.technoparktbi.org
The Lemelson Recognition & Mentoring
Programme
Chennai
T: 91 44 2257 8061
www.icandsr.iitm.ac.in
TeNeT
Chennai
www.tenet.res.in
Listing of Active Incubators
VE NT UR E
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Mumbai Angels
Thiagarajar College of Engineering (TCE)
Madurai
T: 91 452 248 2240
www.tce.edu
University of Kashmir
Srinagar
T: 91 94194 04789
TREC STEP
Tiruchirappalli
T: 91 431 250 0085
www.trecstep.com
Truesoft Ventures
www.truesoft.in
Visvesvaraya Technological University
Belgaum
T: 91 831 240 5453
Venture Centre NCL
Pune
T: 91 20 6401 1026
www.venturecenter.co.in
University Institute of Engineering &
Technology (UIET)
Kurukshetra
T: 91 1744 239 155
www.uietkuk.org
VIT-TBI
Vellore
T: 91 40 2313 5000
www.vittbi.com
Welding Research Institute
Tiruchirappalli
T: 91 431 2577820
Listing of Active Angel Investor Groups
VE NT UR E
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Handbook on
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Tempus Capital
www.tempuscapital.in
C Cube Angels
www.ccubeangels.com
Hyderabad Angels
T: 91 40 6451 3397
www.hyderabadangels.in
Harvard Angels India
www.hbsalumniangels.com
/article.html?aid=137
Kutchi Angel Network
T: 91 98672 40320
kan.net.in
(Focused on Gujarat's Kutchi community)
Mumbai Angels
+91 22 2409 1676
www.mumbaiangels.com
Palaash Ventures
+91 11 48900000
www.palaashventures.com
Rajasthan Angel Investor Network (RAIN)
+91-98283 55513
www.rainjaipur.co.in
Sarthi Angels
+91-022-26528671-72

www.sarthiangels.com
SRI Capital
www.sricapital.com
Chennai Angels
www.thechennaiangels.com
Indian Angel Network
T: 91 11 4075 5713
www.indianangelnetwork.com
Listing of Active Seed Capital Investors
VE NT UR E
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Handbook on
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Nexus Ventures
Nexus Ventures
Accel India
T: 91 80 4123 2551
www.accel.com
Angaros Capital
T: 91 40 4949 2000
www.angaroscapital.com
Atlas Ventures
T: 91 44 4211 0176
www.atlasadvisory.org
Anil Joshi
Anil Joshi
Epiphany Ventures
T: 91 22 2652 8635
www.epiphanyventures.in
Clarion Venture Partners
www.clarionvp.com
Indavest
T: 91 80 4148 3223
www.indavest.com
India Quotient
www.indiaquotient.in
Blume Ventures
www.blumeventures.com
Headstart Ventures
www.headstartventures.in
Das Star Ventures
T: 91 98844 22270
IncuCapital
T: 91 20 2556 0254
www.incucapital.com
IndusAge Partners
T: 91 44 4350 4050
www.indusage.com
Listing of Active Seed Capital Investors
VE NT UR E
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Handbook on
Venture Capital
Jungle Ventures
T: 65 6423 9516
www.jungle-ventures.com
Ladderup
T: 91 22 4033 6363
www.ladderup.com
Nexus Ventures
T : 91 22 6626 0000
www.nexusvp.com
Orios VP
www.orios.gi
Singularity Ventures
www.singularityventures.in
Seedfund
T: 91 22 2490 2201
www.seedfund.in
KAE Capital
T: 91 22 2202 4184
www.kae-capital.com
My First Cheque
www.myfirstcheque.com
Navam Capital
T: 91 33 4025670
www.navamcapital.com
Mercatus Capital
T: +65 6776 7819
www.mercatus-capital.com
Ojas Venture Partners
T: 91 80 4061 0300
www.ojasventures.com
Seeders
www.seeders.in
Listing of Active Seed Capital Investors
VE NT UR E
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Handbook on
Venture Capital
Unilazer Ventures
T: 91 22 61093730
www.unilazer.com
Ventureast Tenet
T: 91 44 2432 9864
www.ventureast.net
Spark Capital
T: 91 44 4344 0000
www.sparkcapital.in
YourNest Angel Fund
T: 91 124 404 2155
www.yournest.in
Viva Capital
T: 91 22 3953 0697
www.vivacapital.in
Zodius Capital
T: 91 22 22040537
www.zodius.com
Snow Leopard Technology Ventures
www.snowleopardtechventures.com
Listing of Active Venture Capital Investors
VE NT UR E
INTELLIGENCE
Handbook on
Venture Capital
Kalaari Capital
kolavani@kalaari.com
91 80 67159600
www.kalaari.com
Vani
Applied Ventures
T: 408-584-0663 (US)
www.appliedmaterials.com
Aarin Capital
T: 91 80 3078 9200
www.aarincapital.com
Artiman Ventures
T: 91 80 2509 1453
www.artimanventures.com
Accel India
T: 91 80 4123 2551
www.accel.com
Basil Partners
T: 91 22 6112 0901
www.basilpartners.com
Canbank Ventures
T: 91 80 2558 6506
www.canbankventure.com
Aspada Advisors
www.aspadainvestments.com
Canaan Partners
T: 91 124 430 1841
www.canaan.com
Listing of Active Venture Capital Investors
VE NT UR E
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Handbook on
Venture Capital
Mumbai Angels
Sandeep Singhal
Headland Capital
T: 91 22 3953 7447
www.headlandcp.com
Helion Ventures
T: 91 80 4018 3333
www.helionvc.com
Footprint Ventures
T: 91 80 4110 1910
www.footprintventures.com
IDG Ventures India
T: 91 80 4043 4836
www.idgvcindia.com
Foundation Capital
T: 1 650 614 0500
www.foundationcapital.com
GVFL
T: 91 79 4021 3900
www.gvfl.com
Fulcrum Ventures
T: 91 22 4090 7385
www.fulcrumventureindia.com
Capital 18
T: 91 120 434 1818
www.capital18.com
Intel Capital
T: 91 80 2507 5000
www.intel.com/capital/india/default.htm
Infuse Ventures
T: 91 79 6632 4201
www.infuseventures.in
(Cleantech focused)
India Innovation Fund
T: 91 80 4335 6666
www.indiainnovationfund.in
Indus Balaji
T: 91-22-4069 4100
www.indusbalaji.com
Listing of Active Venture Capital Investors
VE NT UR E
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Handbook on
Venture Capital
Mumbai Angels
Mumbai Angels
Sandeep Singhal
Lightbox
www.lightbox.vc
Kalaari Capital
T: 91 80 67159600
www.kalaaricapital.com
Jafco Asia
T: 65 6224 6383
www.jafcoasia.com
Lightspeed Ventures
T: 91 11 4980 0800
www.lightspeedvp.com
Kaizen PE
T: 91 22 6767 5757
www.kaizenpe.com
(Education Focused)
Matrix Partners India
T: 91 22 6768 0000
www.matrixpartners.in
Nexus Ventures
T: 91 22 6626 0000
www.nexusvp.com
Inventus Capital Partners
T: 91 80 41256747
www.inventuscap.com
Ojas Venture Partners
T: 91 80 4061 0300
www.ojasventures.com
Nokia Growth Partners
www.nokiagrowthpartners.com
Mumbai Angels
Norwest
T: 91 22 6150 1111
www.nvp.com
Nirvana Ventures
T: 91 22 2204 5519
www.nirvanaventures.in
Listing of Active Venture Capital Investors
VE NT UR E
INTELLIGENCE
Handbook on
Venture Capital
SAIF Partners
Mobile: 91 98664 61770
www.sbaif.com
Saama Capital
T: 91 80 4112 8282
www.saamacapital.vc
Mumbai Angels
Omnivore Partners
T: 91 22 2519 4490
www.omnivore.vc
(Agri Business Focused)
Praefinium Partners
www.praefinium.com
Ru-Net Holdings (Russia)
T: 7 495 797 97 63
www.ru-net.ru/en
Qualcomm Ventures
T: 91 80 3984 1800
www.qualcomm.com
RVCF
T: 91 141 407 1680
www.rvcf.org
Reliance Technology Ventures
T: 91 22 3032 7399
www.relianceventure.com
Sequoia Capital India
T: 91 80 4124 5880
www.sequoiacap.com
SEAF
T: 91 98102 74483
www.seaf.com
SIDBI VC
T: 91 22 2204 3065
www.sidbiventure.co.in
Seedfund
T: 91 22 2490 2201
www.seedfund.in
Listing of Active Venture Capital Investors
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Somerset Indus Capital
www.somersetinduscap.com
(Healthcare Focused)
Sonoma Management Partners
T: 91 20 4131 5656
www.sonomamgmt.com
Tiger Global
www.tigerglobal.com
Ventureast
T: 91 44 2432 9864
www.ventureast.net
Listing of Active SME Investors
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Aquarius
T: 91 80 4112 4880
www.aquarius.com.sg
Abraaj Group
T: 91 22 67 874 500
www.abraaj.com
Avigo Capital
T: 91 11 43683300
www.avigocorp.com
Access PE
T: 91 22 65154700
www.accesspe.in
Bessemer
T: 91 80 30829000
www.bvp.com
BanyanTree Finance
T: 91 22 6623 5555
www.banyantreefinance.com
Canbank Ventures
T: 91 80 2558 6506
www.canbankventure.com
EQ India
T: 91 22 66156300
www.eqindiaadvisors.com
IFCI Ventures
T: 91 11 4179 2800
www.ifciventure.com
Headland Capital
T: 91 22 3953 7447
www.headlandcp.com
Gaja Capital
T: 91 22 2421 2280
www.gajacapital.com
IFC
T: 91 11 4111 1000
www.ifc.org
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Zephyr Peacock India
T: 91 80 4261 3300
www.zephyrpeacock.com
Kotak PE
T: 91 22 43360000
www.privateequityfund.kotak.com
Matrix Partners India
T: 91 22 6768 0000
www.matrixpartners.com
NEA
T: 91 80 67710801
www.nea.com
Lighthouse Fund
T: 91 22 4204 1000
www.lhfunds.com
Mayfield
T: 91 22 6627 3000
www.mayfield.com
Paracor India
T: 99670 59432
www.paracorcapitaladvisors.com
Vertex
T: 91 80 67590555
www.vertexmgt.com
Listing of Active Social Investors
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BlueOrchard
T: 41 22 596 4777
www.blueorchard.com
Creation Investments
T: 1 312 784 3988
www.creationinvestments.com
Developing World Markets
T: 1 203 655 5453
www.dwmarkets.com
Dia Vikas Capital
T: 91 124 452 9500
www.dia-vikas.org
Acumen Fund
T: 91 22 6758 9365
www.acumenfund.org
Elevar Equity
T: 91 80 4335 6666
www.elevarequity.com
Bellwether
T: 91 40 6646 0505
www.bellwetherfund.com
Ennovent
www.ennovent.com
Sandeep Singhal
Aavishkaar
T: 91 22 4200 5757
www.aavishkaar.in
Accion International
T: 91 80 4112 0008
www.accion.org
Mumbai Angels
4B Capital
T: 91 80 0896 2828
www.4bcapital.com
Aavishkaar Goodwell
T: 91 22 4200 5757
www.aavishkaargoodwell.com
Listing of Active Social Investors
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Legatum
T: 971 4 317 5800
www.legatumcapital.com
Khosla Ventures
T: 91 80 4212 4272
www.khoslaventures.com
Insitor Fund
www.insitormanagement.com
Lok Capital
T: 91 124 470 9700
www.lokcapital.com
Intellecap Impact Investment Network
T: 91 40 4030 0200
www.i3n.co.in
Impact Investment Partners
www.impactinvestmentpartners.com
MI india
T: 91 124 452 9500
www.miindiacapital.org
Incofin
T: 91 44 26416624
www.incofin.be
Mumbai Angels
Gray Ghost Ventures
T: 1 678 365 4700
www.grayghostventures.com
IFMR Trust
T: 91 44 6668 7000
www.ifmrtrust.co.in
Mumbai Angels
IAN Impact
T: 91 11 4075 5713
www.indianangelnetwork.com
Grassroots Business Fund
T: 91 120 424 1000
www.gbfund.org
Listing of Active Social Investors
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Song Investment Advisors
T: 91 40 2318 7241
www.songadvisors.com
Unitus
T: 91 80 4112 0008
www.unitus.com
Villgro
T: 91 44 6663 0400
www.villgro.org
Mumbai Angels
Omidyar Network
T: 91 22 6118 7300
www.omidyar.com
MicroVentures
T: 91 80 4095 7653
www.micro-ventures.in
MicroVest
T: 1 301 664 6680
www.microvestfund.com
Michael Dell Foundation
T: 91 11 41666300
www.msdf.org
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