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IDG targets $200m for third India fund

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IDG Ventures has launched its third India-focused fund, with a target of $200 million.

The new vehicle, registered as IDG Ventures India III in a regulatory filing, is the successor to IDG Ventures India II, which launched in 2013 with a target size of $175 million. While the firm did not officially announce the results of that fundraise, media reports put the final size of the fund at about $100 million. IDG raised its first India vehicle in 2007, closing at $150 million.

IDG seeks investment opportunities in technology-focused Indian companies at early stage and growth stage, committing $1-10 million in each deal. Its commitments in the past year include a $3.6 million round for agriculture-focused mobile commerce start-up AgroStar, which it led with participation by Aavishkaar, and a $5 million round for job recruitment site Aasaanjobs led by Aspada Advisors.

India has seen considerable fundraising activity in recent months. Earlier this month, Sequoia Capital announced the final close of its fifth India fund at $920 million, while Vertex Venture Holdings, the VC arm of Singapore's Temasek, has launched a $200 million fund, seeking investments in India and Southeast Asia.

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