Unilever to start India venture capital fund
Unilever will set up a venture capital fund to invest in India based on the Unilever Corporate Ventures model that already operates in North America and Europe. A spokesperson for the company said that it wanted to seek opportunities in emerging markets, starting with India and China.
According to a person familiar with the situation who spoke to the Wall Street Journal, an India team has already been formed and will shortly deploy from London to India. The fund size is expected to be around $150-$200 million, with some contributions coming from third parties.
North America-focused Unilever Technology Ventures invests in life sciences, materials science, cleantech and consumer-related technology. Langholm Capital, a London-based fund in which Unilever retains a financial interest, looks for opportunities among mid-market firms in Europe's consumer sectors. Both funds were started in 2002.
Several multinationals have already set up India-focused venture capital funds. These include Intel Capital, SAP Ventures and Siemens Venture Capital. The funds make investments that contribute to their parent companies' wider business objectives.
Intel Capital is particularly active, having deployed around 60% of the $250 million India Technology Fund it launched at the end of 2005. The company's total spending in the country since 1998 amounts to over $260 million, with around 60 tech firms receiving funding. It has exited around 20 of these through IPOs or trade sales.
Sudheer Kuppam, managing director of Intel Capital India, tells AVCJ that the company is particularly interested in education, healthcare, software and outsourcing, consumer and cloud computing. In May, Intel Capital invested $18 million in two Indian companies, a robotic surgery specialist and a website that helps customers looking to purchase insurance.
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