Cisco invests in IDG's latest India venture fund
Cisco Investments, the VC arm of US technology giant Cisco, has committed an undisclosed amount to the third fund of IDG Ventures India.
IDG Ventures launched the vehicle in 2016 and closed it at $208 million last March, above the $200 million target. The firm has already made several investments from the fund, backing companies such as financial services provider Vayana Network and home rental start-up NestAway. It focuses on start-ups working on applications for emerging technology, particularly in the software-as-a-service (SaaS) space.
The investment will give Cisco access to IDG Ventures’ portfolio companies both as a customer and as a potential acquirer. It follows a commitment to the debut fund of Stellaris Venture Partners, founded in 2016 by three former executives from Helion Venture Partners, announced in January. The International Finance Corporation is also an investor in both funds.
“Cisco has a rich history of participating in India’s technology ecosystem and investing directly in local innovation over the past decade,” said Rob Salvagno, vice president and head of Cisco Investments, in a statement. “We are pleased to further our commitment to the country’s ongoing digital transformation by collaborating with IDG Ventures India, one of the premier institutional venture investors in the country.”
IDG Ventures India was founded in 2006 and is part of the global IDG Ventures network, which was taken over by IDG Capital last year as part of its purchase of International Data Group. In a secondary transaction worth nearly $600 million IDG Capital sold down LP positions in at least seven funds, including funds managed by IDG Ventures in India and Vietnam.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.