Intel Capital plans second India fund
Intel Capital is planning to launch its second India-focused private equity fund. The company, which spun out from chip maker Intel, is targeting a raise of $250 million, investments bankers told The Business Standard.
Intel Capital's first India fund, which launched in 2005 and also raised $250 million, is about 80% invested, and VC houses usually start work on a follow-up vehicle once the 70% threshold is reached. Although a spokesperson for Intel India said the second fund would not be launched until the first is fully invested, the newspaper has learned that preparations are already underway.
The venture capital firm has invested $280 million in 77 companies in India, first from its global fund and then from the India Technology Fund. It generally invests in increments of about $5 million.
Earlier this month, Intel Capital invested $20 million in six Indian companies: Saankhya Labs, a semiconductor manufacturer; Testing Czars, a mobile application provider; Financial Inclusion Network and Operations, a tech platform for online banking; What's On India, a TV programming guide; enStage, an electronic payment provider; and Duron Energy, a solar products maker.
Despite an ongoing commitment to the market, Sudheer Kumar Kuppam, Intel Capital's Asia Pacific managing director, has warned that valuations of early-stage tech companies have reached "near-bubble" levels.
Intel is one of several multinationals - including Google, Nokia, Siemens and SAP - to have started venture capital funds that are active in India. It was reported in June that Unilever is to follow suit.
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