Investment and venture accelerator company eVentures India has announced a further capital commitment of $150 million by its global investors Softbank and ePartners. The amount will be used to fund businesses in the emerging new media and technology sectors. Well-known industrialist PK Mittal has also invested in the kitty.
The newly raised capital is expected to be deployed into approximately 15-20 ventures in four areas - Internet-based software and IT enabled services, infrastructure and new technology areas like wireless and broadband and B2B services. eVentures also has $40 million of existing funds and a portfolio of 14 companies (of which 10 are expected to see combined revenues of $100 million next year).
Speaking at the briefing, eVentures CEO Neeraj Bhargava said the funding activities would be focussed towards companies that were India-centric or those that were aimed at leveraging the IT resources in the country.
eVentures' global partner - Japan-based Softbank Corporation - has ownership positions in close to 400 companies worldwide with combined revenues of $3 billion.
The company had also drawn up plans to invest close to $2 billion in the digital economy in the next few years, according to Softbank International Ventures vice president (business development) Jesse BR Parker Jr.
ePartners, rated as one of the top three funds in Europe, has funds in-excess of $1 billion towards strategic investments in the new media markets. While Softbank is an investor in ePartners, the latter also has cross investments in Softbank and Softbank UK. eVentures currently functions as the Indian arm of both the global venture funding majors.
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