• search

Norwest Ventures launches USD 650 mn fund

Written by: Staff

Mumbai, Apr 19 (UNI) Global venture capital major Norwest Venture Partners (NVP) has launched a new USD 650 million fund christened Norwest Venture Partners X targetted at early, mid and late-stage investments with a focus on emerging growth opportunities in the IT sector.

A release here today said, the new fund is its largest and brings its total capital and commitments to more than USD 2.5 billion. NVP X follows the USD 400 million NVP IX Fund, which closed in late-2001.

''This latest fund will enable NVP to enter a new phase of growth and the size of NVP X is a testament to our belief in the potential of emerging markets in the US and India,'' said, NVP managing partner Promod Haque, adding, ''NVP is excited to fuel the growth of several next-generation technology companies in the years ahead, and we will continue to partner with leading entrepreneurs to build great businesses.'' NVP X will focus on investments in the US, India and Isreal and will continue to concentrate on the broad investment opportunities in the consumer, mobile and media sectors in India, informed the release.

NVP has been active in India as well and has invested in more than 20 hybrid or cross-border companies. These companies are ones which are headquartered in the US but have a significant presence in India.

Pointing out that the firm has also made two direct investments in India during the last five months, the release informed that the company ''will be announcing additional investments in the first half of 2006.'' Recently, NVP invested in Yatra Online and Persistent Systems, a leading provider of outsourced software product development, stated the release.

''While broadband and wireless penetration has greatly increased in India in the past few years, the rate of adoption will still continue to rise significantly. The opportunity for additional penetration combined with a sizeable middle-class that has tremendous spending power makes today's investment landscape in India extremely promising,'' said Mr. Haque.


For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more