Monday, January 29, 2007

VC firm ePlanet Ventures plans $500 mn fund for India, China markets

ePlanet Ventures, an early stage-focused venture capital firm is planning to raise its second global fund worth $500 mn in the next three months. The fund is looking at areas like technology in healthcare services, auto components, hospitality in addition to IT and internet. ePlanet has set up offices in Bangalore and New Delhi to focus on the emerging Indian market. ePlanet’s first $650 mn fund, in affiliation with Draper Fisher Jurvetson, has invested in India in Bangalore-based online DVD rental company Seventymm.com. In China, its portfolio companies include some big-ticket names like the Chinese search engine Baidu, flat-screen delivery commercial advertiser Focus Media, Kong Zhong and Chinese handset designer Long Cheer. ePlanet will invest in the range of $2-20 mn in companies in the country. While the average deal size could be $9-10 mn, there could a few late stage investments as well. The VC firm is looking at investments in the US, Europe and Asian countries including India, China, Korea and Japan for its second fund.

Read The Economic Times article.

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