Start-Up

Ecosystem in
India

Table of contents
1.

Startup Eco-System in India.........................................................................4

1.1Educational Institutions.............................................................................. 4
1.2 Incubator................................................................................................... 5
1.3 Accelerator................................................................................................ 6
1.4 HNI(High-net-Worth individual)..................................................................6
1.5 Angel Investors.......................................................................................... 7
1.6 Angel Networks......................................................................................... 7
1.7 VC Investors.............................................................................................. 8
1.8 Professionals............................................................................................. 9

2. Early Stage Investors Vs Traditional Sources of finance.................................9

2.1 Financing for starting Angel.......................................................................9
2.2 Five misconceptions on Angels................................................................10
3. Regulatory aspects....................................................................................... 10
3.1 New guidelines of SEBI............................................................................ 10
3.2 Crowd-funding standards........................................................................11
3.3 Alternative Investment Funds..................................................................11
3.4 Stringent Information Requirements.......................................................12
4. Understand how various investors/constituents function..........................12
4.1 Equity Investments.................................................................................. 13
4.2 Debt Investments.................................................................................... 13
4.3 Buy-out Investments............................................................................... 13
4.4 PE/VC Deal Cycle..................................................................................... 14
4.5 How Private Equity Works?......................................................................15
5.Investors Profiling.......................................................................................... 17
5.1 Investment Stage& Criteria.....................................................................17
5.2 Prospective Investor and Investment Size funding landscape in the
Indian Context:.............................................................................................. 18
5.3Calculating the investor stake in your start-up.........................................19
5.4 Role played by the various investors.......................................................19
6.Compilation/directory of all the constituents of start-up funding eco-system
......................................................................................................................... 21
6.1 List of incubators..................................................................................... 21
6.2 List of Accelerators.................................................................................. 23

6.3 List of Active Angel Investors Group........................................................24

6.4 List of Active Seed Capital Investors.......................................................24
6.5 List of Active Venture Capital Investors...................................................25
6.6 List of Active SME Investors.....................................................................27
6.7 List of Active Social Investors..................................................................28

1. Startup Eco-System in India

A typical business funding requirement and the prospective investors
depend upon the stage the company is in. Mainly the four main business
cycle stages, that every promising company right from its inception to
being a corporate entity go through, are as follows:

Early stage
Main stream
Mature and
Decline
All these stages are encapsulated
in the diagram shown beside,
which maps the business stage in
along Sales vs Time axis. The
private market mainly deals with
the early stage and mainstream
companies and are funded majorly
by accelerators, incubators, angel
investors and private equity. The
public markets on the other hand
deals with mature businesses and
such businesses raise funds from
public markets (IPO & secondary
markets) and banks.

Our concern here is to understand the private market and find the various stakeholders
in the private market funding and profile these investors with regards the investment stage,
investment criteria, investment stage, the role these investors play in the organization and the
exit strategy used to cash out on the investment. We will also enlist key players in each stage
namely the educational institutes, accelerators, incubators, angel investors and private equity
etc. in detail in this report and analyse the roles played by each one of them in the Start-up
Ecosystem
1.1Educational Institutions
Most of the premier educational institutions in India have committees dedicatedly working on
entrepreneurship. Educational institutions helps entrepreneurs to identify various insights of
their core idea. Helps in pitching for investors and also provides a platform for both investors
and entrepreneurs to collaborate.
Top Incubators
Innovation and Entrepreneurship- SINE, IIT Bombay,

Technology Business Incubator, IIT Delhi

Centre for Innovation, Incubation and Entrepreneurship (CIIE), IIM Ahmedabad

Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL) set up of IIM

B. It helps entrepreneurs by providing support through academic research and focuses
more towards practical learning.

Major activities
Educational institutions will provide assistance in pre incubating, incubating and
virtually incubating early stage Start-up ventures

Provides infrastructure and support systems that are required for various activities in
the process of incubation
Facilitates networking with industry experts and professionals, includes consultants,
advisors, investors, mentors etc.
Helps to identify technologies/innovations that are capable of turning into commercial
ventures
Educates them on various aspects of legal business like compliance, regulations,
norms etc.

Facilities
Office Space
PCs and other equipment
Telephone facility
Internet facility

Advantage
s

Availability of expertise within the

institution
Leverage on the talent of
students
Availability of resources like
library and online subscriptions
Innovation/entrepreneurship
clubs

Business
Support

Physical
infrastruct
ure

Assistance in refining B-Plan

Mentor support
Access to professionals
Platform for showcasing the
products or services
Access to various trainings
and seminars by industry
experts
seed funding in selected
cases

Shared
Resources
Meeting and conference

rooms equipped with all the

facilities
Access to fax,scanning
machines
Lab facilities

Source: http://sineiitb.org/sine/incubation/facilites

1.2 Incubator
An incubator in business language is a company that helps new and startup companies to
develop by providing services such as management training or office space. In many
countries incubation programs are sponsored by government organizations at regional and
national level as strategy for economic development. Incubators help entrepreneurs create
sustainable companies as well as benefiting the wider business community
The role of the incubators is evolving continuously and helping new businesses survive.
Incubation process is dynamic in nature.

Incubators nurture start-ups in their early stages and helps them to overcome the
challenges and survive in the initial phase
Incubators provide:
Infrastructure for carrying out operations includes office space, meeting room
etc.
Networking support by providing a platform
Assistance in managing the company
Other services which might be very specific to some incubators
List of few incubators
Techno park Technology Business Incubator (T-TBI), Kerala
Start-up Village
Indian Angel Network (IAN)
Techno park TBI
1.3 Accelerator
Accelerator will help to speedup the business, Generally an existing business or an idea.
Programs are designed for short time and they are highly intense in nature. Basically they
help start-ups to improve their idea and develop over it. On the other hand Incubators come
into picture in the very early stage of the venture. They help in making prototype and assist in
developing the prototype into a product or service. This process takes place with long term
associations. Apart from this there are some other minute difference which are not very much
significant. Seed accelerators work on fixed term ,cohort based programs which include
mentorship and educational components and finish it with public pitch or a demo.
Catalyser:
Founded in 2014, Catalyser Start-up Accelerator Program provides a 101 days mentorship
driven entrepreneurship accelerator program for start-ups. Two times in a year it selects a
maximum of 12 start-up teams and help them to cross the crucial first stage. The start-ups
selected in this process will receive financial support in the form of capital, workspace and
other facilities and resources.
GSF Accelerator:
It provides a 13-week intense program aiming to provide the sleeted start-ups with
unmatched access to business networks and ventures, personalized and intensive mentoring
and seed capital. GSF Accelerator is more inclined towards helping product oriented start-up

1.4 HNI(High-net-Worth individual)

A high-net-worth individual (HNI) is a person with high liquid investible assets. In USA,
private banking business, they are defined as having investable finance(including financial
assets and excluding primary residence) of over US$1 million. So funding for these start-ups
and acquisitions are getting significant attention from the people who has highly liquid assets
and ready for investments. Start-up are using this opportunity to to raise the funds needed for
future growth and development. News In Shorts Times Internet, co-founders of Flipkart
Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingra and other serial entrepreneurs has
invested in this start-up.

1.5 Angel Investors

An investor provides financial assistance for small start-up's or entrepreneurs. They are
generally found among the business families and their friends. These investments can be a
one time investment of funds or it can be a continuous support for the start-up to make its
way through difficult times. Entrepreneurs are driven by passion and desire to change things
and strive hard to realize the potential of the business ideas. But lack of funds and
competition from established market players will kick the start-up of their path to achieve
success. So they need backing in the initial phase to sustain the competition and master the
things. This is the point where the angel investors pitch in and take up the task to support the
start-up in every aspect.
Most of these angel investors are experienced entrepreneurs who have been through
these tough times in their ventures and understand what it takes to create a company out of an
idea. They have handful of money and trust on the idea and people ,these investors provide
support and in many cases they also take up mentorship that helps start-ups to travel through
the challenging times
Sunil Karla initially worked in exports industry and then he
started manufacturing leather apparel where he got opportunity to
interact with global designers.He is a member of IAN(Indian
Angel Network) as independent investor. He made some notable
investments in start-ups which are into microfinance and
analytics. In total, He invested in around 12 start-ups in 2014
alone. Some of them are Targeting Mantra, Instamojo,
CultureAlley etc.
Sharad Sharma worked as the CEO of Yahoo India R&D . He
started BrandSigma and responsible for development of several
innovative products in emerging markets. Sharad is inclined
towards technology product businesses in India and focused his
efforts on nurturing the start-ups in that domain.

1.6 Angel Networks

An angel network consists of a group of angel angel investors who collaborate together and
invest in an organized manner, operates effectively and supports each other. These networks
are also known by the name angel groups. Network members meet together for the pitches
from entrepreneurs and later they analyse the proposals thoroughly. Decision on investment
will be taken based on the members opinions. These networks in some cases also collaborate
with other networks in investing.
Most of these angel networks will focus on sectors where the members of the network have
considerable amount of experience to assess the idea and future of the start-up. Having said
this, they are also open to investments in other sectors/areas. Manufacturing, Medical
devices, Technology are the most common areas where the angel networks tend to invest.
Indian Angel Network
Started in 2006,in addition to money, provides constant access to high quality
mentoring, vast networks and inputs on strategy as well as execution.

Network of individuals keen to invest in early stage businesses which have potential
to create disproportionate value.
Members of the network either have rich experience in higher level managerial
positions or a strong background of entrepreneurial stints.
The Network members, because of their experience are better able to assess the
potential and risks at the early stage.

Hyderabad Angles: Hyderabad Angels (HA) is highly active and fastest growing angel
networks. Hyderabad Angles invest start-up companies in their early stages and
collaborate/partner with all the stake holders involved in the entire process. Apart
form providing the capital, they also help start-ups with highly valuable mentorship
and guidance that enhances the association with networks. Hyderabad Angel Investors
consists of people from various levels of the established organizations and
backgrounds. Hyderabad angels bring on board the industry experience and
knowledge and contacts to network for young growing companies.
Lead Angles: Lead Angles is started by alumni of IIT Bombay with major focus is on
alumni ventures. They currently operate in various cities like Mumbai, New Delhi and
Ahmedabad, Bangalore and Hyderabad.

1.7 VC Investors
Start up companies with a potential to grow need a certain amount of investment. Wealthy
investors look at long term growth perspectives of the start-up and then invest in those
companies for higher returns. The capital that is invested is known as venture capital and the
investors who invested are known as venture capitalists. Start-up when reaches its growth
stage ,It is very important that it should be backed by some reliable investors with ample
amount of funding needed for scale up activities. Even though the concept has gained
momentum, still very few investors are willing to invest in new ventures which became a
block for growth stage start-ups to scale up. These investments are risky in nature but when
invested in right companies will give handful of returns. As the VCs are investing huge
amounts of capital they always have the say in making managerial decision as their money is
at stake.
Many start-ups in India find it hard to approach venture capitalists and sometimes the
investment structure of the investor is inadequate for the start-up to carry out planned
activities. Indian start-ups have never had it so good, with the flow of venture capital
investments turning into a flood.
Helion Venture Partners :Helion venture partners was founded in 2006, now manages
over $600 million fund with major focus on early to mid stage start-ups. Helion
venture partners majorly invest in technology related businesses like e-commerce,
Mobile based services, Software etc.
Accel partners: Accel Partners was founded in 1983 and has its presence across globe.
They generally invest in technology companies mostly these investments are
multistage investments.

Blume Ventures: Blame Venture Advisor funds start-ups in almost all the stages like
seed funding, pre-series A funding, series B funding etc. Blume helps start-ups by
backing up with funding as well as mentoring.

Alternate Investment Fund

Any investments other than traditional form of investment are classified as alternate
investments.
Here the investment which is considered as traditional may wary from country to country.
Generally, in India any investment in bonds, shares, mutual funds etc. are considered as
traditional investments. Investments in shares of SME are also categorized into alternate
investments.
1.8 Professionals
Startup companies generally have very little budget and many times they have limited
resources and work with constraints. Keeping this in mind, It seems highly unlikely for a
startup to go for a specialized business training or coaching services. However, in reality
startup need as much assistance and coaching, more than and established company.
Entrepreneurs might excel in many areas but its always there will be few areas which need
assistance. These professionals will help the company to minimize these deficits and gain
much out of it. Its proven that professionals played a major role in the success of the startups.
Business Coach : Business coach will make start-ups to focus on their strengths and
weaknesses. They provide assistance in building a roadmap to achieve success. This
formal coaching is very important for those who dont have any entrepreneur
experience before. Coach will provide all the tools and techniques to handle and
manage the organization.
Legal advisors: Start-ups without knowledge about the basic laws and tax regulations
faced issues at critical times. Sometimes cost incurred due to delays exceeded the
revenues. Awareness about the obligations and compliance became an important angle
where the start up should not loose focus. Legal advisors will take up the lead in
making the companies aware about the pitfalls which are generally ignored.

2. Early Stage Investors Vs Traditional Sources of finance

The funding of the angel is very important for the growth of young companies. Families and
friends are also part of angel funding for the new entrepreneurs. A large majority of angel
funding comes from non-accredited investors. The business angel investment funding
providers differ in their perspectives. Some of them have strong economic background and
are handy as good counsellors and guides for entrepreneurs. While some angel investors are
concerned about the yields, some may be retired executives also.
2.1 Financing for starting Angel
Start-ups Businesses constitute the vast majority seeking angel funding and the second round
of investment is often supported by venture capital. Vast potential for the expected return on
investment that is usually 20% to 30%, is another factor that angel funding provider seek

while investing in a start-up. This is after the company has taken the first two years of
struggle.
2.2 5 misconceptions on Angels
1. Angels hold all the power
It is necessary to explain the investors the value of your business. The entrepreneurs need to
play an active role in finding active investors who can provide connections, background and
knowledge that will be very beneficial for the business for the long term.
2. It is easier to get money from angel to conclude a VC deal
Angel investors may choose not to invest at all and to use their money for other things
compared to venture capitalists, whose livelihood depends on making investments,
3. Angel money is better / worse than the VC financing
Angel money is different than VC funding .Many factors facilitate VC funding like the
amount of capital and the stage of business .Venture capital is probably a better choice than
angel financing to engage greater number of investors.
4. More evaluation is better
The effectiveness of capital is a greater indicator of start-ups success than access to capital.
The principal source must also be factored into the equation. A higher evaluation usually
leads to more money, which in turn leads to unnecessary dilution and a rush to scale
5. The idea must be doomed to failure if investors will not give you
anything,
Many successful companies initially could not get financing. The entrepreneur should
continually set the milestones to adjust to the challenges

3. Regulatory aspects
3.1 New guidelines of SEBI
The Securities and Exchange Commission of India (SEBI) said that start-ups in areas such as
analysis and biotechnology in India can list on the platform of institutional trading (PTI)
exchanges.
SEBI wants to create new opportunities for equity investors who want to invest in new-age
businesses.
New listing rules proposed by SEBI for start-ups
a. For start-ups willing to register on PTI platform, there will be no cap on the use of
proceeds of the public issue for general corporate purposes whereas in traditional
IPOs by companies, maximum of 25% of the capital raised can be used for general
corporate purposes.
b. The lock-in period is six months in the case of start-ups, for all categories of pre-IPO
shareholders
c. For institutional investors 75% of shares will be reserved and the remaining 25% for
non-institutional investors (NIIs)
d. A person or a group of persons on a common undertaking can hold maximum 25% of
post-issue capital in a start-up.
The QIB definition will include non-bank financial companies and family offices or trusts.
An investment entity with SEBI with a minimum net worth of Rs.500 can be considered a
QIB.

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At the time of the IPO a minimum investment of Rs.10 lakh is required. There is lot of
flexibility on offer in terms of price, information and the use of funds for start-ups which are
ready to be listed. Also the Board of Directors will decide on Litigation information based the
importance of the case. Also disclosure requirements has become easy because the standard
valuation metrics such as P/E ratio and EPS etc.do not apply to these companies. The basis of
the issue price may include other information, except screenings, as deemed fit by issuers.
The companies in line with general practice will be required to file a draft offer document
with SEBI for observations. These companies will have to disclose the major objectives of a
public issue rather than granular details that are required from ordinary primary issues. The
minimum number of beneficiaries must be 200 in a public offering by a start-up. A start-up
listed on ITP, will have the opportunity to migrate to the main board of a stock exchange after
3 years, subject to other compliance Start-ups and SMEs are allowed to appear on PTI
without having to do an IPO. There have been subcategories for SMEs funds, capital funds,
venture capital funds and infrastructure funds. The funds will have freedom of SEBI
regulation of insider trading and post trading lock. Under the new standards, angel investors
can be saved as AIF, which is a newly created class in a common investment vehicle for real
estate, hedge funds and private equity. Angel Fund must be included in the definition of
"funds of venture capital" and will be considered VCF. 10 years of experience at an early
stage for an entrepreneur or professional higher management is desired. The fund should also
have possession of minimum Rs.2 crore.
Some Concerns

The minimum limit of Rs 25 lakh for an angel investor to invest. This will discourage
these investors. Most of the angel investments make a seed investment in the range of
Rs. 5 -20 lakh, while the directive provides for a minimum of Rs. 50 lakh.
Similarly, asking issuing companies to be less than three years. Innovations require
continued investments as subsequent milestones are met with small constant infusions
of money.
Issue of tax on start-up, which is a biggest obstacle to the growth of angel capital.

3.2 Crowd-funding standards

Crowd-funding usually involves small groups and young entrepreneurs who raise funds for
their projects through various online platforms involving individuals and organizations.
Under the proposed standards, only SEBI accredited investors" will be allowed to participate
in the crowd funding activities and companies can raise up to Rs 10 crore in a year. These
investors would include institutional investors, companies, and financially secure HNIs retail
investors. Also, the retail investors can invest Rs 60,000 or 10 percent of their net worth. In
addition, only the entities will be allowed to raise funds which are not associated with a group
of companies. Those who are engaged in real estate and financial sector companies are also
prohibited to use this channel.
3.3 Alternative Investment Funds
SEBI is preparing to reform the rules on alternative investment funds (AIF) as part of capital
market regulatory efforts to keep pace with the changing start-up ecosystem. Now, foreign
investment would be allowed in hedge funds that are registered trust, established, structured
as a corporation or limited liability company. The same could be active in FDI policy and
regulations of FEMA, including foreign investment through AIF units set up in confidence in
terms of SEBI regulations. There is no provision under the FEMA or in the FDI policy,
though SEBI has made provisions in its standards for hedge funds raise money from foreign
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investors. For this reason, the FIPB considers proposals for foreign investment in hedge funds
on a case by case basis.
3.4 Stringent Information Requirements
To inaugurate more transparency, SEBI has included more stringent information
requirements.
Alternative investment funds (AIF) are primarily established or incorporated in India in order
to share in the capital of Indian and foreign investors. The objective is to invest in predecided policy funds. SEBI has also asked all AIF to disclose "disciplinary record" of the
fund, its sponsors, manager, directors, partners, developers and partners and the details are to
be included in the investment memorandum of the AIF.
These funds are also required to provide details of outstanding cases and past litigation,
disputes, non-payment of assessed contributions, criminal or civil lawsuits etc.
The same can be grouped and summarized in case if there is any operational actions such as
warnings. However, the AIF has to provide details of the summarized portion if the investor
asks for it. The Existing hedge funds have to send this information within 30 days to their
investors. However SEBI has relaxed the reporting requirement for category III of AIF,
regarding their daily shows.
AIF Category III are the negotiations for making short-term profits and includes hedge funds.
All AIF Category III material shall be the depositary of the level of debt at the end of the day
(based on closing prices) by the end of the next working day.
The AIF depends on various parties to calculate and submit to the depositary the level of debt
at the end of day. These different parts usually provide information at various periods because
of which the AIF face some trouble reporting to the depositary the end of day level of debt on
the same day.
4. Understand how various investors/constituents function
Both private equity and venture capitalists provide funds to the start-ups but the key
differences between the two are as follows:
Private equity comes into play when the idea is more established whereas venture
capital comes into play when the idea or business is completely new and untested
Private equity investment comes at a later stage so that the investors can do the
necessary analysis and take a more informed decision whereas venture capital
investments are done at early stages of the target company when the product idea and
the marketing success is untested
Private equity involves buying a stake in the start-up with the objective of providing the
promoters the necessary seed capital to take their performance to the next level. They also
provide strategic management inputs as well, i.e. modifying the business plan or guiding the
founders on the marketing plan or the direction their future business should take. Venture
capitalists, on the other hand, play an important role in the innovation life cycle stage, i.e. the
period when the start-up starts commercializing its innovation.
PE/VC firms find their target investees through sourcing. Investment banks act as
intermediaries between start-ups and PE/VC firms seeking investment opportunities. They
find target investees through self-sourcing as well. The I-banks and public equity are
constrained by several regulations laid down by the government whereas PE/VC firms are not
governed by any regulations. Each PE/VC firm has a particular sector in mind where they
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would want to invest as well as the stage at which they would want to enter. So these firms
shortlist projects/start-ups on these parameters and decide upon their target employee.
A PE/VC firm will have a nominee who becomes a part of the board of the start-up which has
been funded. This is to provide the start-up with key strategic inputs.
Alternate investments can be classified into three categories:
Equity
Debt
Buy-out
4.1 Equity Investments
Equity investments can be classified based on the stages at which the companies are funded.
I. Very Early Stage investments
These are for companies that are in the process of developing business plans, or those where
products/services have been developed and are in the process of being launched in the
market. These investments are called Seed Fund investments
II. Early Stage investments
These are for high growth companies, still in early stages, which may have a limited presence
in the market place. These investments are called Venture Capital investments.
III. Growth Stage investments
These are for companies that are more mature, and are nearing profitability or operational
break-even. These are expanding companies in need of capital to finance high growth or
acquisitions. These investments are called Private Equity investments.
4.2 Debt Investments
Debt can be further classified as Mezzanine and Distressed debt.
I. Mezzanine: These are investments in subordinated debt (lower risk category compared to
unsecured debt) issued by operating companies. They are frequently issued to fund an
acquisition &convertible (into equity) by nature, to enhance returns.
II. Distressed Debts: These are investments in public and private debt securities that are
trading at heavy discounts to par value due to financial stress of the underlying company.
4.3 Buy-out Investments
There is also a specialized investment category that is focused on larger, more mature
companies and entails a change in ownership. These investments imply a much larger
monetary commitment and are often highly leveraged. These are called Buy-out
Investments. Buy-out investments can be further classified into:
I. Leveraged Buy-outs (LBOs)
This relates to acquisitions of operating companies, typically using a form of debt financing.
II. Turnaround Investments
These are for acquisitions of underperforming businesses or businesses in out-of-favor
industries in need of either financial or operational restructuring.

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Portfolio Construction
One challenge that is faced by the PE manager is the construction of the PE portfolio. Owing
to the nature of the investment, i.e. illiquid and long gestation period, basic principles of
portfolio rebalancing cannot be applied here. The portfolio construction process entails the
following three stages:
Planning - to draw up the broad outlines and boundaries for the PE investment. This
will be in terms of investment objective, investment criteria and risk tolerance.
Implementation - the PE manager must look at a vast range of business opportunities
before zeroing in on any investments.
Ongoing Monitoring & Administration - This involves specifically managing the cash
flows of the investor and the investment.
Private Equity Fees
Private Equity remains an expensive asset class from an investors point of view. The fees in
a PE investment are usually structured into two components i.e. management fee &
percentage of profits.
Management Fee: There is typically an annual management fee ranging from 1.5% to
3.0% of the investment managed. During the investment period, the management fees
are charged on total funds managed. Once the investment period expires, and some of
the funds have been invested, the management fee typically steps down to a lower
rate, which is assessed on net invested capital or total invested capital less the cost of
realized investments.
Percentage of Profits: In addition to management fees, private equity fund managers
are entitled to participate in the profits of investments. The profit participation, also
called carried interest, on most direct funds is typically 20%, though certain top tier
venture fund managers may charge 25% or 30% carried interest.
4.4 PE/VC Deal Cycle
In PE jargon, the investors in the fund are called Limited Partners (LP) & PE fund is termed
the General Partner (GP). PE deal cycle is divided in to three investment phases.
Investment Phase I: The agreement between the Limited Partner (LP) and the General
Partner (GP) is a long term relationship. The LP commits the capital for a period,
usually without getting any guaranteed interest, or insurance of getting the invested
capital back. The committed capital is available at the GPs disposal and during PhaseI they can draw capital whenever needed without the LPs approval.
Investment Phase II: In the second phase, the GP, based on the investment objective,
invests the capital in a number of privately owned companies that they feel have high
future potential. These investments can be in companies that are in the early or even
the start up phase of their business cycle, or in more mature companies.
Investment Phase III: Realization of the proceeds by exiting from the investment.
Private Equity Investment Process
Sourcing, qualifying, structuring, value addition and monitoring and finally exit, are the main
functions of a GP in Private Equity. Lets discuss each one by one.

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Sourcing: Sourcing refers to the origination of investment opportunity. It primarily

happens through investment bankers as well as through self sourcing by the GP
(Investment Manager).
Investment bankers act as an intermediary between private companies seeking capital
and private equity funds seeking investment opportunities.
Qualifying: Qualifying refers to filtering of investment opportunities. The typical
process is to shortlist projects initially on broad parameters based on the sector and
stage of the venture.
Fund and investment structuring: This is to decide on the mode of investment and
financing. This could be Pure Equity, Mezzanine Debt, or a Leveraged buyout.
Value-addition and Monitoring- As mentioned earlier, the role of a PE fund is to build
businesses. The promoters rely a lot on the fund to provide them with strategic inputs
on the business. A PE firm typically has a nominee on the board of the company, in
which the investment is made.
A PE fund closely monitors the activities of the business at the operational level. The
monitoring becomes critical, especially for early stage businesses.
Exit strategies relates to the mode of liquidation of the investments made.

4.5 How Private Equity Works?

Let us understand the participants involved in the PE cycle:
Investors: These are the end investors (or Limited Partners) who contribute towards
the fund. It should be noted that the end investors could be located anywhere in the
world.
Fund: This is the funnelling vehicle located in a convenient country typically at the
location from where investor servicing can be done effectively. The fund is registered
typically as a LLP (Limited Liability Partnership).
Sub fund: This is the actual fund vehicle that makes the investments on behalf of the
Fund and its investors. It shall be registered in a country which has a Double Tax
Avoidance Agreement (DTAA) with India (such as Mauritius, Cyprus, Isle of Man
etc).
Fund manager: This is typically a shell company incorporated by General Partners
(GPs) in a tax haven such as Mauritius. This is the entity that will enter into the
investment agreement with the Sub Fund. The management fees and profits are
received by the Fund manager in Mauritius on behalf of the GP for tax purposes.
Fund Manager is located in the same country as that of the Sub Fund, to avail the tax
benefits on the income received.
Indian Advisory Company: This is an entity established in India and will actually
carry out the function of sourcing and analysing deals. The Indian advisory company
only makes recommendations. The decisions are made by the Fund Manager. The
Indian advisory company only carries out tasks/activities as mandated by Fund
Manager. Though advisory in nature, in practice, most of the action in terms of
investment sourcing, analysis, structuring etc. is done by the Indian entity.
Limited Liability Partnership (LLP): The starting point for virtually all PE firms is, for an
individual or group of individuals to set up a Limited Liability Partnership (LLP) or a
15

Limited Liability Company (LLC), and raise capital from a group of investors. PE firms are
also known as the General Partners (GPs) or LLP. The LLP/LLC has a limited life, and is a
closed-ended fund.
Private Placement Memorandum (PPM)
An investment plan is pitched to investors (LPs) via an in-house investor relations team, or by
external placement agents. A Private Placement Memorandum (PPM) is a document that
explains the details of this investment to potential investors. The PPM is also known as an
Offering or Information Memorandum. A private equity firm will issue it to prospective
limited partners when it is attempting to raise capital through a fund offering. A PPM
provides a broad range of information, to help LPs learn about the firm and its investment
strategy. It also provides proposed summary of the terms and conditions of the investment
opportunity. The PPM serves therefore, as an outline of the fund offering. The amount of
information provided, as well as the method in which the information is presented in a PPM,
may vary from firm to firm. The main sections of a PPM typically include:
Executive Summary: It includes information on fund size & term, anticipated closing
dates, general information about any previous funds raised by the firms management
team. Executive summary also includes concise description of the General Partner,
key investment strategies, opportunities in the current environment, the value
proposition to the investors.
Firm & Fund Investment Philosophy: This section include information on the firms
background and history, general information about the firms prior funds(if
applicable), broad investment philosophy and the firms key competitive advantages
in its specified markets.
Investment Strategy & Risk Profile: The investment strategy section covers the
industry focus of the fund, stage focus, and geographical focus of the fund. The GP
should provide considerable detail in this section about the firms investment focus,
process and criteria & the eventual exit strategies.
Details of Investment Professionals and Committee: This section of the PPM will list
the key professionals managing the fund, their roles, and their relevant industry
experience, information on the Investment Committee, detailed explanation of
investment committees guidelines and valuation methodology for evaluating new and
existing investments.
Investment Track Record & Prior Fund Experience: The investment performance
section varies significantly by firm. There is no standard or mandatory format. This
section carries information on the past experience of the fund, in terms of number of
years, the size of fund managed, the IRR of the past investments are also included
here.
Summary of GP/LP terms and agreement: This section details the other key terms and
conditions of the investment agreement.
Legal & Tax matters: It will detail any legal or tax related issues of investing in the
fund.
Fund Related Investment Risks: This section details the risk of investing in the
specific industry, and/or the uncertainty within the business environment. These are
similar to the mandatory disclosures that one typically finds in a share prospectus.

16

Accounting and Reporting Standards: Generally, GPs will issue non-audited

statements on a quarterly basis, and audited statements annually. LPs or investors use
the statements to understand the approximate valuation of their investment and to
keep track of their outstanding capital commitments and distributions to date.

5.Investors Profiling
5.1 Investment Stage& Criteria
As the economy is showing signs of improvement and investor confidence building up in the
Indian economy post 2014, the liquidity in the markets has increased and number of trends
have emerged and gaining momentum. Angel investors as well as incubators are becoming
more significant and better organized, expanding their presence at the start-up stage as VCs
become more risk averse and shift their attention to later-stage investments. Contrast to few
years back not these angel investor, incubators and accelerators command larger pools of
capital than ever before and are increasingly better organized, making it easier for businesses
to locate them and converse with them in an effort to secure capital. Until recently, forging a
deal with angel investors was often a challenge challenge. Entrepreneurs had to work their
personal networks to schedule a meeting with right financiers and then negotiate privately.
But now the seen is changing for good with various online forums and networking event
taking place in select metros. Here we have shown a representative diagram mapping the
investor funding options in accordance to start-up development stage.

Fig. 5.2

As can be seen from above figure the business development stage is broadly classified
in three types namely emerging, rapid-growth and expansion/market leader. The pre-seed
funding comes at the stage where the entrepreneurs just have the idea and not the product
prototype or proof of concept. This is a high risk investment and generally comes from
entrepreneurs personal savings, friends and family. Pre-seed funding is needed to start the
business and manage the working capital requirements. The seed funding especially in the
Indian context comes only after the entrepreneur has demonstrated the proof of concept,
funding is provided in exchange for an equity stake in the start-up depending upon the premoney valuation and negotiation terms. Angels investors, crowdfunding and early stage VCs
all invest in seed rounds. Start-up as can be seen comes after seed funding, this mainly deals

17

with Series A or Series B funding. Series A funding is required to scale the product and
getting a stable business model which can start generating revenues. Series A funding is thus
used to scale distribution, scale across geographies or across verticals. Your traditional
venture funds lead these rounds. Angels may co-invest with VCs in the Series A funding. The
Series B is typically all about scaling. You have traction with users, and typically you also
have a business model that has come together. Thus this type of funding focusses on scaling
the business model, scaling user database and making other acquisitions if necessary. Some
series B funding are led by the same folks as your Series A but also some additional firms
who specialize in later stage deals. In the Indian context the angel investors and other funding
partners are very risk averse as compared to other countries. After this stage comes the rapid
growth where we have corporate accelerators, formal VCs and in some case the private
equity. The Series C funding comes under this category and is primarily aimed at scaling the
business, to continue to grow fast, expand geographically etc. Finally comes the funding for
established start-ups with proven business model and revenue generation. Corporate VCs,
Private equity, hedge funds, the mezzanine or late stage arms of Goldman Sachs, Morgan
Stanley and other investment banks, or big secondary market firms such as DST or Tiger
Global are the investors interested in funding these businesses.
5.2 Prospective Investor and Investment Size funding landscape in the Indian Context:
Here we enlist key accelerators, incubators, angel investors, venture capitalists and private
equity investors with their investment bracket.
Funding Stage

Investor Profile
Accelerators
500 Startups
Angel Prime
GSF Accelerators

Investment Size
Incubators
CIIE-IIM Ahd
NCL Pune
SINE-IIT Bombay

Angel Investors
Indian Angel Network
Mumbai Angels
Hyderabad Angels
Chennai Angels
Calcutta Angels
Seed level Funds
Ventureast
Blume Ventures
India Innovation fund
Orios Venture Partners
YourNest Angel Fund
Early stage Venture Capitalist funds
Accel India
IDG Ventures India
Sequoia Capital India
Footprint Ventures

< 50 lakhs

50 lakhs 2 Cr.

50 lakhs 2 Cr.

2 10 Cr.

18

Venture Capitalist Funds- Growth Stage

Kalaari Capital
Nexus Ventures
Sequoia Capital India
Helion Ventures
SAIF
Canaan Partners
Private Equity Investors
IFCI Ventures
Avigo Capital
Gaja Capital
Zephyr Peacock
Abraaj Group etc.

10 - 25 Cr.

25 100 Cr. s

5.3Calculating the investor stake in your start-up

Here we can see that several investors in the investing value chain invest in different
capacities. The stake that each takes in the start-up all depends on the following two terms:
Pre-money valuation: It is the approximate and nearest value, that the prospective
investor assumes, the start-up to command based on the ingenious idea, the team and
the initial prototype design. This valuation is before the funds that the investor injects
into the start-up
Post-money valuation: This valuation takes into account the investments from the
investor and stake/equity that the investor gets depends on the post-money valuation.
After post-money valuation the original equities/stakes of the founders and other
investor get diluted to make way for this new investor. The following example will
illustrate the idea.
Take a start-up which is valued at $1 million by prospective investor. Based on his
risk preference and his expectation about the returns investor decides to invest
$200K so his post-money evaluation stake will be ($200K)/($1Mn) = 16.67%. Thus
we see the new investor gets (1/6) th of the stake will the original equities of the
founders and others get diluted by (1/6)th .
Below table gives approximate expected return and investment horizons by various investors
based on the investment size, start-up development stage and other parameters.
Investors

Stake

Expected Returns

Angel Investors
Venture Capitalist
Private Equity

Minority
5-20%
Majority

20-60%
28-70%
17-40%

Investment
Horizons
5-7 Years
4-7 Years
6-10 Years

Source: Kenneth H. Marks, et. Al. The Handbook of Financing Growth

5.4 Role played by the various investors
Various investors in the funding value chain typically perform different roles in their
capacity, which depends on their expertise, network and other factors. These roles are
illustrated briefly as follows:
Accelerators: They offer hands-on assistance to the budding entrepreneurs who wish to
get started with their start-up. Typically, an accelerator as the name suggests has a short

19

time window/period for which a start-up can avail their assistance. You can join a short
term accelerator program ranging from few weeks up to few months. In most cases 3-4
months is what an accelerator program usually runs for. An accelerator provides
funding (minimal), free office space, bundled professional services and mentoring. Eg.
Include GSF accelerator, Microsoft venture accelerator, iAccelerator etc.
Incubators: They come into picture when a start-up requires a longer time frame say
more then a year to conceive the idea and develop it to commercialize. An incubator
brings in an external management team to manage the idea conceived and developed by
your team. In most cases these incubators are sponsored or run by VC firms,
government entities, and major corporations, among others. Coworking is a big part of
the incubator experience and has been split off as its own separate business offering
around country unlike most accelerators who rent out private spaces. Eg. Include All
India Association of Industries, CIIE- IIM Ahmedabad, ICICI KP etc.
Angel Investors: These are HNIs or affluent individuals with sufficient disposable
income and are looking for interesting opportunities to invest in an exciting idea or
start-up. Angels invest in your idea at a very early stage. In return they are offered some
minority stake based on investment. These angels bridge an important gap between
seed funding and venture capital funds before the start-up grows, gets organized and
moves to PE and IPO stage. Angel investors often become investors by virtue of having
success within particular industries. Thus finding an angel with key industry knowledge
and contacts can open doors and greatly accelerate your start-ups growth.
Venture Capitalists: After the seed funding, VCs provide funds for growth. VCs are
generally active investors. Venture capital firms do not just provide capital, rather use
their knowledge, experience and network to help the company achieve success.
Experienced team of the venture capital firms usually plays a key role by giving strategic
business advice, develop a sound financial plan, refine and improve the business plan,
develop marketing strategies for the brand as well as develop contingencies.
Private Equity: Since all business in which private equity invests are meant to be sold
later, these businesses remain in spotlight and under constant pressure to perform. These
PEs majorly acquire greater stake in the management team and as such influences how
the business is run. The management team is lean and focused. It avoids the waste of time
and money that corporate centers, when responsible for a number of loosely related
businesses and wishing to justify their retention in the portfolio, often incur in a vain
quest for synergy. Thus PE helps to run business in a more accountable and on
appropriate resources and avoids profligacy. There are several misconceptions among
people as to what is the difference between how a VC and a PE investor works, the below
table tries to shed the light on this issue:
Comparison Chart for Investors: PE and VC
Private Equity
Target companies
Mature companies, often underperforming or under-valued
Target industries
All industries, usually with
established marketplace for the
product or service
Funding structure
Equity and debt

Venture Capital
Startups, early-stage companies,
usually pre-revenue
High-growth industries like hightech,
biomedical,
alternative
energy
Often equity only

20

6.Compilation/directory of all the constituents of start-up funding eco-system

6.1 List of incubators
Abhiyan
Lucknow
Ph. no. 919005372642
www.abhiyaniiml.com/
Amity TBI
Noida
Ph. no. 911204659000

Amrita TBI
Kollam
Ph. no. 914762804523
www.amritatbi.com

Bannari TBI
Sathyamangalam
Ph. no. 914295226322
www.bittbi.com

www.amity.edu/aii/

BM Institute of
Engineering &
Technology (Sonipat)
Ph. no. 911302230563

Centre for
Biotechnology
Incubator (Chennai)
Ph. no. 919840348173

Centre for
Entrepreneurship
(SPJIMR Mumbai)
Ph.no.91-2226237454
www.spjimr.org

CIIE IIM A
Ahmedabad
Ph. no. 917966324201
www.ciieindia.org

EDC
Ambala
Ph. no. 911731257792

EDC
Bhavnagar
Ph. no. 912782429852

Ekta Incubation Centre

Kolkata
Ph. no. 913323673978
www.technologyembryo.co

All India association of

Industries (Mumbai)
Ph. no. 912222019265
www.aiaiindia.com
EDCEDCJawaharlal
EDC-SNIST
Faraday
Nehru

Bicentenary
Hyderabad
College
Science
BEC STEP
Park
Ph.
Pasighat
(Guwahati)
no.
91Bagalkot
Ph. no. 91Ph. no. 91- 8415223001
www.sreenidhi.edu
3682222496
3612606610
Innovation
Indian
School
Centre
of
8354220689
India
Incubation
ICRISAT
Co Ventures
and
Business
Manipal
Wadhwani
www.becbgk.edu/beckstep
Entrepreneurship
Entrepreneurship
Hyderabad
Pune TBI
E-Health
Ph.
Centre
no.
91Development
Centre,
Ph.
SRM
no.Institute
91Chennaiof
Bangalore
Centre India
for 8202922323
Hyderabad
(Gandhinagar)
2025513254
4030713071
Ph.
Ph. no.
no. 9191- Ph.
Entrepreneurship
www.manipal.edu
Ph.
no.
91no.
91-7923969151
www.indiaco.com
www.icrisat.org
4424742836
8026420001
(MDI Gurgaon)
www.ediindia.org
www.ehealthtbi.net
KIITCIE
MICA
Ph. no. 91JSSATE
Bhubaneswar
Ahmedabad
1242343655
FMS Entrepreneurship
HBTI
STEP
Noida
Ph.
no.
91Kanpur
Cell
Ph.
no. 91D.K.T.E Society
2717308250
6742725466
NBDI
Ph.Delhi
no. 911202401484
www.mica.ac.in/mode/home
Kolhapur
www.kiitincubator.in
Ahmedabad
5122562536
Ph.
no. 91www.jssstepnoida.org
Ph. no. 91Ph.NDRI
no. 91www.stephbti.org
8800949495
2302421300
7926623692
MITCON
www.dktes.com Karnal
www.nbdiindia.org
Ph. Pune
no. 91EDC
Ph. no. 911842252800
Radaur
2025533309
www.karnak.gov.in/res_ndri.
Ph. no.www.mitconindia.com
911732277314
Osmania UniversityNITK-STEP
EDC
Surathkal
Hyderabad
Ph. no. 91PSG
SIDBI
STEP
IIT
8242475490
4027098254
Coimbatore
Kanpur
www.nitkstep.org
Ph.
no. 91RBTI-IIT
4224363300
5122596646
Periyar
TBI
Chennai
NSRCEL
www.psgstep.org
Vallam
Thanjavur
Ph.
no. 91IIM
Bangalore
Ph.
no.
4466469872
Ph. no. 91914326264520
www.rbti.in
8026993769
www.periyartbi.org
www.nsrcel.org
STEP-BIT
Ranchi
ICICI KP
Ph. no. 91-651227544
www.bitmesra.ac.in
Hyderabad
Ph. no. 914023480022
STEP IIT Roorkee
www.iciciknowledgepark.c
Roorkee
SCJE
SINE
STEP
IIT-B
Ph.
no. 91Bombay
Mysore
1332272337
Ph. no. 91www.iitr.ac.in
8212548321
2225767072
www.sjcestep.in
www.sineiitb.org
STEP
STP
IIT-K
Kharagpur
Pune
Ph.21
no. 912022932644
3222281090
www.stpp.soft.net
www.stepiitgp.in

TBI Anna University

Chennai
Ph. no. 914422350772
www.annuniv.edu/act/
TBI Indira Gandhi Delhi
Technical University for
Women
First
Venture
Ph.
no.Light
91-1126591057

Mumbai
www.igdtuw.ac.in

www.firstlight.vc
TeNet
Chennai
Ph. no. 914422575475
www.tenet.res.in
TBI-UOH
Hyderabad
Microsoft
Ventures
Ph.
no.
91Accelerator,
4023135000
Bangalore

www.microsoftventure

TBI BITS
Pilani
Ph. no. 911596245073
5ideas
www.bitspilani.ac.in
Gurgaon
TBI www.5ideas.in
University of Delhi
Delhi
Ph.
no.Partners
91Freemont
1124116559
Mumbai
www.nstedb.com
www.freemontpartner
s.com IITM
The L-RAMP
Chennai
Ph. no. 914422578061
www.icandsr.iitm.ac.in
Venture Center NCL

Pune Centre
The Startup
Ph.
no. 91Chennai

2064011026
www.thestartupcentre.
www.venturecenter.co.in
com

TBI ICT
Hyderabad
Ph. no. 914027193030
Angel
Prime

Bangalore
www.angelprime.co
Technopark
m
Trivandrum
no. 91GSFPh.
Accelerator

4712700222
Gurgaon,
Bangalore,
www.technoparktbi.or
Chennai

www.gsfindia.com
TBI Composites

Bangalore
Ph. no. 91-8065997605
www.compositestechnology
park.com/detailsofctp.htm

VIT-TBI

Vellore
Startup
Village
Ph.Kochi
no. 914023135000
www.startupvillage.i
www.vittbi.com
n

6.2 List of Accelerators

500 Startups
www.500.co

iAccelerator
Ahmedabad
www.iaccelerator.org

TLabs
Delhi, Bangalore
www.tlabs.in

Infuse Ventures
Ahmedabad
www.infuseventures.
in

Veddis Venture
VentureNursery
Gurgaon
Mumbai
www.veddis.com
www.venturenursery
.com

Kyron
Bangalore
www.kyron.me

22

6.3 List of Active Angel Investors Group

C Cube Angels
www.ccubeangels.co
m
Hyderabad Angels
Ph. no. 914064513397
www.hyderabadange
Mumbai Angels
Ph. no. 912224091676
www.mumbaiangels.
Sarthi Angels
Ph. no. 912226528671
www.sarthiangels.co

Chennai Angels
www.thechennaiangels
.com

India Angel Network

Ph. no. 911140755713
www.indiaangelnetwork

Palaash Ventures
Ph. no. 911148900000
www.palaashventures.

SRI Capital
www.sricapital.com

Harvard Angels India

www.hbsalumniange
ls.com/article.html?
aid=137
Kutchi Angel
Network
Ph. no. 919867240320
Rajasthan Angels
Investor Network
(RAIN)
Ph. no.91-9828355513
www.rainjaipur.co.in

Tempus Capital
www.tempuscapital.i
n
6.4 List of Active Seed

Capital Investors
Accel India
Ph. no. 918041232551
www.accel.com
Aarin Capital

Angaros Capital
Ph. no. 914049492000
www.angaroscapital.
Accel India

Ph. no.
91Blume
Ventures
8030789200
www.blumeventure.c
www.aarincapital.co
om

Ph. no.
91Clarion
Venture
8041232551
Partners
www.accelindia.com
www.clarionvp.com

Artiman Ventures
Ph. no.Ventures
91Epiphany
8025091453
Ph. no. 91www.artimanventures.
2226528635
www.epiphanyventur
Canaan Partners
Ph.
no. 91Indavest
1244301841
Ph. no. 91www.canaan.com
8041483223

Aspada Advisors
www.aspadainvestment
Headstart Ventures

Footprint Ventures
www.indavest.com
Ph.no. 91Jungle Ventures
8041101910
Ph. no. 91www.footprintventures
6564239516
www.jungleGVFL
Ph. no. 917940213900
www.gvfl.com

s.com
www.headstartventure
s.in

Canbank Ventures
Ph. no.
91India
Quotient
8025586506
www.indiaquotient.in
www.canbankventure.

Foundation Capital
Ph. no.
KAE Capital
16506140500
Ph. no. 91www.foundationcapital
2222024184
www.kaeHeadland
Capital
Ph. no. 912239537447

Atlas Ventures
Mercatus
Navam
Capital
My
Frist Capital
Cheque
Ph. No. 91Ph. No.
no. 91www.myfirstcheque.
4442110176
6567767819
3340215670
com
www.atlasadvisory.or
Applied Ventures
www.mercatuswww.navamcapital.c
Ph.
No.
403-584-0663
Das
Star
Ventures
Ojas
Venture
Orios
VP
Nexus
Ventures
Ph. (US)
No. 91www.appliedmaterials.
Partners
www.orios.gi
Ph.
no.
919884422270
Ph. no. 912266260000
Basil Partners
8040610300
www.nexusvp.com
Ph. No. 91IncuCapital
2261120901
Ventures
Seeders
Ph. No. Singularity
91- Seedfund
www.singularityventur
www.basilpartners.c
Ph. no. 91www.seeders.in
2025560254
es.in
www.incucapital.com
Capital 18 2224902201
www.seedfund.in
Ph.
No.Partners
91Indus
Age
1204341818
Unilazer
Ventures
Ventureeast-Tenet
Spark Capital
Ph. No. 91www.capital18.com
no. 914443504050 Ph. No.
2261093730
4424329864
4443440000
Fulcrum Ventures
www.indusage.com
www.unilazer.com
www.sparkcapital.in
Ph. No. www.ventureeast.ne
91Ladderup
2240907385
Angel
Capital
Fund
Viva Capital
Ph. No. YourNest
91-Zodius
www.fulcrumventureindi
Ph.
Ph.
no.
No.
91-124404
91no.
2240336363
2220400537
2155
2239530697
www.ladderup.com
Helion Ventures
www.zodius.com
www.yournest.in
www.vivacapital.in
Ph. No. 91-

8040183333
www.headlandcp.com
www.helionvc.com
6.5 List of Active Venture Capital Investors

23

IDG Ventures India

Ph. No. 918040434836
www.idgvcindia.com

India Innovation
Fund
Ph. no. 918043356666

Indus Balaji
Ph. No. 912240694100
www.indusbalaji.com

Infuse Ventures
Ph. no. 917966324201
www.infuseventures.

Intel Capital
Ph. no. 918025075000

Inventus Capital
Partners
Ph. No. 918041256747

Jafco Asia
Ph. no.
+6562246383
www.jafcoasia.com
RVCF
Ph. no. 911414071680
www.rvcf.com

www.intel.com/capital/

KalaariCapital
Ph. no. 918067159600
www.kalaaricapital.co

Lightspeed Ventures
Ph. no. 911149800800
www.ightspeedvp.com

Kaizen PE
Ph. No. 912267675757
www.kaizenpe.com
Matrix Partners India
Ph. No. 912267680000
www.matrixpartners.

Nexus Ventures
Ph. no. 912266260000
www.nexusvp.com

Nirvana Ventures
Ph. no. 912222045519

www.nirvanaventures.i

Nokia Growth
Partners
www.nokiagrowthpa
rtners.com

Norwest
Ph. no. 912261501111
www.nvp.com

Ojas Venture
Partners
Ph. no. 918040610300

Omnivore Partners
Ph. No. 912225194490
www.omnivore.vc

Praefinium Partners
www.praefinium.co
m

Qualcomm Ventures
Ph. no. 918039841800
www.qualcomm.com

Ru-Net Holdings
(Russia)
Ph. no.
74957979763

Saama Capital
Ph. no. 918041128282
www.saamacapital.v

SAIF Partners
Ph. no 919866461770
www.sbaif.com

SEAF
Ph. no. 919810274483
www.seaf.com

Reliance Technology
Ventures
Ph. No. 912230327399
www.relianceventur
Lightbox
www.lightbox.vc
Seedfund
Ph. No. 912224902201
www.seedfund.in

24

Sequoia Capital
India
Ph. No. 918041245880
Sonoma
Management
Partners
Ph. no 912041315656

SIDBI VC
Ph. no. 912222043065
www.sidbiventure.co
Tiger Global
www.tigerglobal.com

Somerset Indus
Capital
(healthcare
Focused)
Ventureeast
Ph. no. 914424329864
www.ventureeast.ne
t

6.6 List of Active SME Investors

Abraaj Group
Ph. no 912267874500
www.abraaj.com

Access PE
Ph. no. 912265154700
www.accesspe.in

Aquarius
Ph. No. 918041124880
www.aquarius.com.s

Avigo Capital
Ph. no 911143683300
www.avigocorp.com

Bessemer
Ph. no. 918030829000
www.bvp.com

BanyanTree Finance
Ph. No. 912266235555

CanBank Ventures
Ph. no 918025586506
www.canbankventure.

EQ India
Ph. no. 912266156300
www.eqindiaadvisor

Gaja Capital
Ph. No. 912224212280
www.gajacapital.co

Headland Capital
Ph. no 912239537447
www.headlandcp.co

IFC
Ph. no. 911141111000
www.ifc.org

IFCI Ventures
Ph. No. 911141792800
www.ifciventure.com

Kotak PE
Ph. no 912243360000

Paracor India
Ph. No. 919967059432

www.privateequityfund.

Lighthouse Fund
Ph. no. 912242041000
www.lhfunds.com

www.paracorcapitalad

NEA
Ph. no 918067710801
www.nea.com

Mayfield
Ph. no. 912266273000
www.mayfield.com

Matrix Partners India

Ph. No. 912267680000
www.matrixpartners.

Vertex
Ph. no 918067590555
www.vertexmgt.com

Zephyr Peacock
India
Ph. no. 918042613300

www.banyantreefinanc

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6.7 List of Active Social Investors

4B Capital
Ph. no 918008962828
www.4bcapital.com

Aavishkaar
Ph. no. 912242005757
www.aavishkaar.com

Accion International
Ph. No. 91804112008
www.accion.org

Acumen Fund
Ph. no 912267589365
www.acumenfund.or

Bellwether
Ph. no. 914066460505
www.bellwetherfund

Creation
Investments
Ph. No. 1-312-7843988

Dia Vikas Capital

Ph. no 911244529500
www.dia-vikas.org

Elevar Equity
Ph. no. 918043356666
www.elevarequity.co

Grassroots Business
Fund
Ph. No. 911204241000

IFMR Trust
Ph. no 914466687000
www.ifmrtrust.co.in

Incofin
Ph. no. 914426416624

www.incofin.be

Intellecap Impact
Investments
Network
www.i3n.co.in

Khosla Ventures
Ph. no 918042124272
www.khoslaventures

Lok Capital
Ph. no. 911244709700
www.lokcapital.com

MI India
Ph. No. 911244529500
www.miindiacapital.

Michael Dell
Foundation
Ph. no 911141666300

MicroVentures
Ph. no. 918040957653
www.micro-

Omidyar Network
Ph. No. 912261187300
www.omidyar.com

Song Investments
Adviors
Ph. no 914023187241

Unitus
Ph. no. 918041120008
www.unitus.com

Villgro
Ph. No. 914466630400
www.villgro.org

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