IDG Ventures India rebrands as Chiratae Ventures

Chiratae, which means "leopard" in the native language of Bangalore, is intended to communicate the firm's agility and responsiveness as an investor in the unpredictable ecosystem of technology start-ups, according to a statement. The GP's leadership will remain unchanged following the rebranding.

"We are Indians at heart and at the same time global in our approach, with a strong footprint in the USA, India, Middle East, and Southeast Asia," said Sudhir Sethi, founder and chairman of Chiratae. "India is changing rapidly and at scale, and we want to be the catalysts to support this entrepreneurship growth and change. The coming years will need us to be more agile, more supportive, give long-term support for start-ups and recognize and adapt to these changes."

IDG Ventures India was launched in 2006 and has backed 76 technology start-ups across its three funds. Its exits include online fashion retailer Myntra, which was acquired by Flipkart in 2014, and Flipkart itself, which Walmart bought for $16 billion earlier this year. The firm also made a partial exit from business management services provider Newgen Software Technologies in its INR4.2 billion ($57.6 million) IPO this year.

Chiratae has over $470 million in assets under management and is currently investing its third fund, which closed at $208 million in 2017 with commitments from LPs including Cisco Investments and the International Finance Corporation.

The GP 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 the same year worth nearly $600 million, IDG Capital sold down LP positions in at least seven funds, including vehicles managed by IDG Ventures in India and Vietnam.

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• Topics
• South Asia
• Venture
• Technology
• GPs
• India
• IDG Ventures