Chinese VC Ganesh Ventures Partners with Alibaba's Jack Ma to Invest $250M in Indian Startups
The first close has been at $30 million, with investors from Europe, Hong Kong, Taiwan and Mainland China backing Ganesh Ventures.
Ganesh Ventures, set up by Jessica Wong (former founding partner, Cyber Carrier, a Hong Kong based VC) is all set to make an aggressive India entry as they announce their plans to invest $250 million here. The fund aims to invest this amount in Indian startups across sectors like media, technology, consumer products, fintech and health-tech over the next 3-5 years. The first close has been at $30 million, with investors from Europe, Hong Kong, Taiwan and Mainland China backing Ganesh Ventures.
Ganesh Ventures has signed Landmark Capital and Jack Ma’s ambitious eWTP Ecosystem Fund (Electronic World Trade Platform, a brainchild of Jack Ma’s dream initiative to boost cross border e-commerce) led by Mr. Yongfu Yu. Ganesh Ventures will be eWTP’s strategic investment partner in India – a key market in its comprehensive international plan.
Ganesh Ventures aims to be a bridge for ambitious Indian entrepreneurs who want to access the Chinese startup ecosystem and stakeholders, so that they can utilize cross-border resources, exchange learnings and achieve market synergies. What makes Ganesh Ventures unique, is its partnership approach – not only will the fund invest its own capital in Indian start-ups, but open the gateway to other investors for larger follow-on capital raises. The total investment corpus of Ganesh Ventures’ partners is estimated to be in excess of a billion dollars.
“We’ve been testing the waters in India for some time and have gained valuable understanding of the market. Our portfolio companies have received continued support from a growing number of strategic partners such as Xiaomi and Alibaba group. The success we have achieved so far with our partners and portfolio strengthens our confidence to engage with more stakeholders and enhance our portfolio,” says Jessica Wong, founder and managing partner of Ganesh Ventures. Invited by Mr. Yongfu Yu to contribute to the global expansion of eWTP Ecosystem Fund as venture partner, Jessica believes that her team can bring a constructive difference to the Indian start-up ecosystem.
Jessica Wong is no stranger to the Indian start-up landscape. She was the founder and managing partner of Cyber Carrier, a fund invested in six rising Indian companies across Fintech, Travel and Discretionary healthcare sectors. The investments have done exceptionally well with absolute returns of more than 300%. Almost all the portfolio companies have raised more capital at materially higher valuation. Cyber Carrier recently made a profitable partial exit from KrazyBee, a one-of-its-kind student-lending platform, after Xiaomi and Shunwei Capital exhibited trust in the company’s strategy and capability.
“After years of exploring and analyzing India market, we can say with confidence that our investment and post-investment management strategy has worked very well, which is fully validated by our outstanding performance. Our new fund has already participated in the further rounds of HappyEasyGo, GigIndia, Indialends and BeYouPlus re-asserting confidence in our previous investments,” says Jessica Wong.
Ganesh Ventures will set up offices in Gurgaon, Bengaluru, Hong Kong and Beijing. The team has already started evaluating new projects rather aggressively and intends to close half a dozen deals within this calendar year. It has already made its first investment in India in fin-tech firm IndiaLends.
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