DFJ to set up shop in B’lore, readies $75m
Silicon Valley’s leading venture capital firm Draper Fisher Jurvetson (DFJ) is finally setting up its shop in India.
By Thanuja B M, TNN |
BANGALORE: Silicon Valley’s leading venture capital firm Draper Fisher Jurvetson (DFJ) is finally setting up its shop in India. The early stage technology-focused VC is opening its Bangalore office in September with also a presence in Hyderabad. DFJ has kept aside $75 million of its recently raised $600-million DFJ IX fund for India.
DFJ managing director Don Wood told ET that Mohanjit Jolly, a partner with the firm, will be moving to Bangalore next month. “DFJ will be investing in India directly out of our DFJ IX fund that we recently raised. In addition, we plan to partner with an existing fund in India to join our DFJ global network, which is now comprised of over 20 funds. We hope to find our new partner for India this year.’’
The DFJ offices in India will have Mr Jolly and venture partner Sateesh Andra in Hyderabad. The plan is to add to the staff at analyst and/or associate levels. DFJ is not new to India and has made several investments here. Past investments include $2 million in online DVD rental company Seventymm, Komli, and $20 million in electric car maker Reva.
According to Mr Jolly, the firm is currently in the final stages of two investments in India out of IX.
DFJ managing director Don Wood told ET that Mohanjit Jolly, a partner with the firm, will be moving to Bangalore next month. “DFJ will be investing in India directly out of our DFJ IX fund that we recently raised. In addition, we plan to partner with an existing fund in India to join our DFJ global network, which is now comprised of over 20 funds. We hope to find our new partner for India this year.’’
The DFJ offices in India will have Mr Jolly and venture partner Sateesh Andra in Hyderabad. The plan is to add to the staff at analyst and/or associate levels. DFJ is not new to India and has made several investments here. Past investments include $2 million in online DVD rental company Seventymm, Komli, and $20 million in electric car maker Reva.
According to Mr Jolly, the firm is currently in the final stages of two investments in India out of IX.
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