IDG Ventures India, one of the country’s leading venture capital firms with over $470 mn assets under advisory and a presence in 3 locations, has announced a re-branding to Chiratae Ventures.
Founded in 2006 by industry veterans Sudhir Sethi and TC Meenakshisundaram, Chiratae Ventures (formerly IDG Ventures India) has so far backed 76 companies across multiple funds including some of the stellar companies like Flipkart (recently acquired by Walmart), Myntra (acquired by Flipkart), FirstCry, XpressBees, Newgen (that went IPO in Jan-18), Lenskart, Manthan, NestAway, PolicyBazaar, Yatra among others.
Sudhir Sethi, Founder & Chairman, Chiratae Ventures (formerly IDG Ventures India Advisors) said, “As we speak, the Indian ecosystem is fast evolving. India is reinventing itself at every level, be it political, governance or economics. Our passion is to back Indian entrepreneurs repeatedly and grow with world-class entrepreneurs in India in leading India’s tech revolution. Our entrepreneurs are unparalleled – global leaders who are leading this Indian wave. The last decade saw a growth of 10X, the coming decade will see 20X in Entrepreneurial activity in India. Companies are growing at double the pace in half the time; we are producing more new brands than ever; our companies are going expanding globally; we are defining new technologies; we are defining the world. As India becomes the 3rd largest economy with over $ 10 trillion GDP in the coming years, India presents immense opportunities to investors.”
TC Meenakshisundaram, Founder & Managing Director, Chiratae Ventures (formerly IDG Ventures India Advisors) said, “We have leading Indian business houses and long-standing global players in India as our investors. And we have been grateful to learn from them. Our rupee capital from domestic investors today constitutes to over 40% of the funds raised. This gives rise to a deep India expertise with us as VC Investors. While we become more and more deeply rooted as Indian, our footprint stays global. Many of our companies are based outside India, many are expanding to multiple new geographies: Be it HealthifyMe in Asia, Unbxd in US, CloudCherry in Middle East. We are Indians at heart and at the same time global in our approach with a strong footprint in USA, India, Middle East and South East Asia."
Sudhir said, “We as Investors need to reinvent for the new India. We recognize that India is changing rapidly and at scale and we want to be the catalysts to support this entrepreneurship growth and change. The coming years will need us to be more agile, more innovative, give long term support for startups and recognize and adapt to these changes. As investors we will not only scale our investments rapidly but also our exits and returns to our LP’s."