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Handbook onVenture Capital

V E N T U R EINTELLIGENCE

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Venture Capital Investor landscape in India

An Interview with Sarath Naru,Managing Partner, Ventureast.

Venture Debt: A Catalyst for Growth

Entrepreneur Interview:Gaurav Jain of Mast Kalandar

Negotiating Term Sheets - Legal Issues

Venture Capital Investor Directory

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Table of Contents

- Accelerators

- Incubators

- Angel Investors

- Seed Funds

- VC Firms

- SME Investors

- Social VC / Impact Investors
http://-/?-http://-/?-

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IIM-ANCL PuneNSRCELSINE

Landscape of Venture CapitalInvestors in India



Chennai AngelsHyderabad AngelsIndian Angel NetworkMumbai Angels

Blume VenturesIndia Innovation FundOrios Venture PartnersSeedfundVentureastYourNest Angel Fund

Incubators

AngelNetworks

SeedLevel Funds

VC FundsEarly Stage

Accel IndiaFootprint VenturesIDG Ventures IndiaInventus CapitalNexus VenturesSequoia Capital India

Ventureast

Typical Investment< Rs.50 Lakhs

Typical InvestmentRs.50 Lakhs - 2 Crores

Typical InvestmentRs.50 Lakhs - 2 Crores

Typical InvestmentRs.2 - 10 Crores

Accelerators500 StartupsAngel PrimeGSF Accelerator

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Canaan PartnersHelion VenturesKalaari CapitalNexus VenturesSAIFSequoia Capital IndiaVentureast

VC FundsGrowth Stage



PE InvestorsSME Focused

AquariusAbraaj GroupAvigo CapitalBessemerGaja CapitalHeadland CapitalIFCIFCI VenturesLighthouse FundsMayfieldNEAZephyr Peacock

Landscape of Venture Capital Investors in India



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SARATH NARU,Managing Partner, Ventureast

What is it that excites you about working in theVenture Capital industry?There is a wealth of entrepreneurial talentavailable in India and its exciting to see howventure capital makes so many dreams come true. The last five years haswitnessed the emergence of a rich, vibrant startup ecosystem across thecountry in both metros as well as Tier 2 cities. And there is more to lookforward to!

As a VC investor, what do you look for in an entrepreneur?On the top line, we look for entrepreneurs with an almost unwaveringpassion and sense of urgency - we call it "fire in the belly". But along withthis comes the attitude and practical skills needed to make thingshappen. These entrepreneurs have given up their cushy corporate jobsto build a company from scratch. And most important of all, they shouldhave deep domain expertise, and must have been there and donethat because passion alone is no substitute for knowledge andexperience.

Luckily for us, the founders of our investee companies are also the type Iwould go out for a drink with, especially after a heated argument!

What is your investment philosophy?At Ventureast, we are a bunch of people who are passionate aboutbuilding businesses, and partnering with companies.We are a multi-stage investor, with a penchant for early . A majority ofVentureasts investments go into financing companies with businessmodels which are being adapted to meet Indias needs.

We partner with businesses which have the ability to scale up rapidly, ledby solid founding teams. We scout for startups where we can add value,beyond capital. We never hesitate to roll up our sleeves and get in thetrenches when a company calls for it.

Can you elaborate on how else you add value to investeecompanies?Our involvement typically comes in at three different levels. The first iswith the cash flow, and helping raise third party debt/equity financing.

The second area is operational support, which involves marketing, MISand Financial systems development. The third area is strategy andtalent. We help our investee companies with hiring talent, identifyingexperts as consultants, strategic planning at the Board level, forgingbusiness alliances, and acquiring customers.

Which are your target segments and most attractive sectors as ofnow? We are open to investing in any innovation-driven business in a rapidlygrowing sector. Innovation neednt be only in terms of technology butcould also be in the business model, and we are currently seeing acombination of both in sectors like healthcare, retail, financial services,internet commerce and cleantech.

We look out keenly for differentiation. Regardless of the stage or sector,we have specialized funds led by teams with extensive operationalexperience.

Simply looking at how our investments have evolved over the years-starting with port management services and dairies in the late 1990s,

biotech and drug discoveries in the early part of the millennium to therecent IT/ITeS, quick service restaurants, internet commerce etc.-shows how nimble and adaptable we have been to the changingentrepreneurial landscape in India.

What is your advice to entrepreneurs?This is a great time to be an entrepreneur. There is money available fornew disruptive ideas and business models in the form of incubators,venture capital funds and private equity investors.At the end of the day, its all about execution. An entrepreneur mustessentially focus on one idea, and execute it against all odds.

KUMAR RANGARAJAN,Co-founder & Chief Ion, Little Eye Labs(now a part of Facebook)

"Ive recently had a chance to speak withmany startups and the one thing that I realizewhich made a big difference for us is in findingan investor like Ventureast, who is more of a mentor and friend.In my mind, you were like a co-founder, because I felt the teamtook a deep interest in what we were doing and guided us andthat made a huge difference, much beyond just the monetaryshort-term gains. Team Ventureasts expertise was especiallyuseful while closing the deal. Its the faith you had in us,irrespective of the outcome, which we truly appreciate.

MEENA GANESH,CEO & Managing Director, Portea Medical

The team at Ventureast has been excellentin providing us with strategic inputs,excellent contacts for South East Asia and inthe US, as well as providing good day to daysupport on investor related approvals and activities. Since wewere starting a new business in healthcare, we wanted inaddition to just a financial investor someone who can help us inthe healthcare sector. VEs dedicated life sciences fund and thefocus on the sector , experts in the field amongst their team wascritical for us as we needed ready introductions and plug-ins intothe ecosystem.

ENTREPRENEURS SPEAK

An Interview with Ventureast

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VENTURE CAPITAL INTERVIEW:

PRAKASH PRABHU,

Founder, Atyati(acquired by Genpact in 2012)

Its not easy to build an organisation andsustain it. The real value comes in when youare down and the company isnt performing asper expectations. Its important to get the right investor partner;someone who believes in the long term; and rolls up their sleevesto pitch in beyond capital to help the company. Ventureast hasbeen supportive, professional, and good in dealing above theboard.

Ventureast is one of Indias longest-standing venture capitalinstitutions. Investing in pioneering sectors since the mid-90s,Ventureast has enabled over 80 seed, early and growth stagebusinesses in a broad array of sectors including technology, lifesciences and clean environment.

The Ventureast credo simply put is, We Differentiate, You Win.Backing this is a team and network with deep expertise indomains ranging from semi-conductors to drug discovery, frominfrastructure to consumer goods, from clean tech to mobility,

thus bringing together the widest capability in the country.

The Ventureast family of funds - Ventureast Proactive Fund,Ventureast Life Fund and Ventureast Tenet Fund feature a wideinvestor base consisting of institutional investors from across theworld. The Ventureast portfolio features market-leading

companies like Indias largest parking management company,Indias largest ethnic fast food chain, Indias first and unique low-cost ATM, and Indias largest organic foods company.

VENTUREAST - A BRIEF PROFILE

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done in India, SVBs venture debt offering has allowed many startups tominimize dilution while raising alternative forms of capital that is alsoadvantageous in terms of achieving a more efficient capital structure amix of equity and debt. Many of the companies in our portfolio havebeen successful in reducing their overall cost of capital by availingmultiple debt infusions over time. With so many years of presence in theentrepreneurial and venture capital ecosystem in India, SVB is wellpositioned to support disruptive innovation in the increasing number ofinvestor-backed companies across stages and sectors.

The core instrument is a medium term loan ranging from Rs.3 Cr toRs.25 Cr depending on the stage of the company and nature of therequirement. Interest rates are fixed for the tenor of the loan and arepriced competitively compared with rates that SME companies canusually obtain from banks. A small equity kicker enables additionalcontingent upside returns, if the company does well and provides someadditional returns on a portfolio basis to compensate for the higher risk.SVB does not mandate any particular end use for the funds and it can beutilized in any form such as accelerating product development, key hires,expanding to a new market, making acquisitions, operational workingcapital or even refinancing. While SVB does not take board seats on itsportfolio companies, the team is always willing to leverage itsexperience and SVBs global network encompassing a large number ofearly to growth stage companies as well as investors to assist their clientsas and when required in their business or strategic pursuits.

Management OutlookAbout SVB India Finance and Key TermsSVB India Finance was started in Mumbai in 2008 and is positioned asIndia's first and only specialty lending business targeting high growthentrepreneurial companies in India backed by top-tier venture capitaland private equity investors. Across more than 60 loan transactions

Vivek Subramanyam(CEO, iCreate Software)

Chetan Kulkarni(CEO, Vizury)

We are pleased in partnering with a leading global player focused on the start-up ecosystem such as SVB. Their understanding of the uniquerequirements of start-ups translates to flexible products that meet the

venture debt funding requirements and are structured in a mutuallybeneficial manner.

We are very pleased with our recent engagement with SVB India Finance. The alacrity of their team, the level of attention and care givento us and the process of securing debt funding were all remarkable.

Venture debt has been established to be a useful tool for high growthtech startups globally but in India the utility of this product extends to

growth stage companies as well as non tech sectors, as seen from ourexperience over the last few years. This is also a sign of the Indian

venture ecosystem evolving further with differentiated avenues ofcapital becoming available to fund the ever growing needs of high

potential startups, in tandem with the emerging green shoots in theoverall macro environment.

India is an exciting market for us to be in with strong emerging grass-roots entrepreneurship and growing sources of innovation capital. Our

approach in the market goes further than just providing venture loans to young VC-backed companies. Our relationship with Angel forums andinitiatives like the HALO Report for India provide us with ways to getmore involved with the emerging startup ecosystem in this market

Ajay Hattangdi,CEO & Managing Director, India

Vinod Murali,Managing Director

VENTURE DEBT A CATALYST FOR GROWTH

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GAURAV JAINCo-founder & CEO of Mast Kalandar

Funding: Mast Kalandar, a chain of quick servicerestaurants (QSR) serving North Indian cuisine, hasraised over Rs.45 crore in venture capital funding(starting in July 2008) from Footprint Ventures andHelion Ventures. The company had also raised venturedebt from SVB India and a strategic investment from the SalarpuriaGroup.

Venture Intelligence: You had started Mast Kalandar after workingfor a few years in the IT industry. Why did you choose to go for VCfunding as the preferred form of financing for your venture?Gaurav Jain: We were clear right at the beginning that we wanted togrow rapidly. So, we had two options - one is the franchising route andthe other is VC investment. The franchising route comes with its owndisadvantages, whereas the VC route brings with it not only the moneybut also other benefits.

VI: What are the other benefits that your VC investors havebrought to the table for Mast Kalandar?GJ: Right from advising on the business strategy and business plan tothings like recruiting the right people into the company and connectingus to the right consultants and professionals (for design, marketing,social media, etc.) and other companies which might be good partners,our VCs have been instrumental in a lot of things.

VI: What was your experience in meeting and pitching yourproposal to VC investors in the early phase?GJ: When we raised our first round, QSR was not such a hot sector forVC investments as it is today. We got introduced to the investorsthrough some common business acquaintances. We were lucky in thatthe investors were also willing to look at this space and we did not haveto go through an elaborate fund raising exercise. They liked the businessand we liked the people behind the capital.

VI: What would your advice be to other entrepreneurs who areconsidering VC financing? Is there anything specific you would addfor startups in the QSR sector?GJ: VCs are generally industry agnostic and their approach is not verydifferent to a company in QSR or any other sector. Having said that, theperson making the investment needs to have an overall understandingof the sector he/she is going to invest in. The end motive may be thereturns, but if a person doesnt understand retail or QSR, he/she will notbe able to do justice in terms of meeting the expectations of thecompany. When you are getting an investment, you should do athorough research of the person who would represent the VC firm (in

your company) and ensure that he/she understands the space. That is akey thing. Second, the person should be someone that you would beable to get along with well. If that relationship angle is missing, sooneror later it is not going to give a good feeling and you will have issuescropping up.

VI: Mast Kalandar has also used the initial advantage of raising VCfunding to then raise venture debt from SVB. Can you share somehighlights on that?GJ: We went the venture debt route when we wanted to extend ourrunway (before diluting more equity). Once we raised another equityround, we chose to return that capital. We found the venture debtoption to be a good one to exercise at that point as the cost of debtmade sense and it helped us build more value in the company.

Interview with Gaurav Jain,Co-founder & CEO of Mast Kalandar

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Negotiating term sheets

- Legal Issues



The fact that convertible debentures, while in the unconverted state,rank as debt; and in that form, rank higher than the holders of equityshares in the queue of persons eligible to receive distributions (in theevent of the company being wound up), are factors that funds take intoaccount. What rights can the instrument have? Note that shares withdifferential voting rights ( DVR Shares ) cannot be freely issued by

6companies, without complying with certain conditions. In this context,the Liquidation Preference clause assumes significance. In jurisdictionslike the United States, where (comparative to India) companies can bewound up or liquidated relatively quickly, the term liquidationpreference is used to imply that in the event the company is liquidatedor sold, i.e., an exit event is created, the fund would first get its returns(1x, 2x, etc.) before the founders get their share. However, the use ofthis term in the Indian context gives rise to some confusion (since theword liquidation suggests dissolution of the company, the process forwhich is prescribed under the Indian company law). The Indiancompany law also prescribes the manner in which available moneys

7must be paid out , and hence, any contractually agreed clauses on themanner in which moneys must be distributed upon winding-up may notbe given effect to by courts. The better expression is, therefore, a'distribution preference' arising upon the occurrence of a 'liquidity'event, namely, a transaction that realizes the 'value' of the company,typically, in cash (although a share or stock deal is not ruled out, exceptthat achieving it is a regulatory challenge). Note however that there isno contractual restriction on agreeing as to how moneys must bedistributed in case of other exit events such as sale to a third party (whomay be a strategic or financial investor), as long as applicable exchangecontrol and taxation laws are complied with.

To avoid confusion in the Indian context, it is important to perhapsseparate the Liquidation preference clause into two distinct strands one, what happens in case of winding up under the Indian company law,and two, what happens in case of an exit or liquidity event.Unfortunately, it is not unusual to see the terms 'liquidity' and

'liquidation' being (incorrectly) used interchangeably.

Exit provisions. Commonly used exit provisions include initial publicoffering, strategic sale, buy-back, and put / call options. Put / calloptions have received some welcome regulatory sanction recently. Overthe last few years, the put option and call option have been in the eyeof a regulatory storm in India. This is because the Reserve Bank of India(RBI) considered these options as granting foreign investorsguaranteed returns, giving the investment instrument debt-likefeatures, as opposed to equity. The Securities Exchange Board of India(SEBI) considered that all options must only be exchange-traded and

8cannot be off-exchange, contractually agreed between parties. TheRBI has, in January 2014, allowed issuance of equity shares andcompulsorily and mandatorily convertible preference shares anddebentures containing an optionality clause, but without any option /right to exit at an assured price, to a person resident outside India. These

Overview of main provisions in Term SheetsTerm sheet, non-binding term sheet, indicative term sheet, Letter ofIntent, Head of Terms, Memorandum of Understanding, Non-binding MOU are commonly heard terms in the private equity / venturecapital world. This article will look at commonly encountered issues innegotiating, and the issue of the enforceability of, these documents inthe Indian context.

Simply put, a Term Sheet, by whatever name called, and whether asimple 2-pager, or a detailed tome, is a document that sets out keyfinancial, protective and governance terms of a proposed investment by

1a VC or a PE fund in a company looking for investment. What they allusually have in common is the understanding that they are not binding

2until the execution of definitive documentation. Typically, the financialprovisions covered in a Term Sheet are the proposed investmentamount, valuation of the company, type of investment instrument, anda timeline for the investor's exit, together with indicative exit

3mechanisms. Governance terms and protective provisions include thecomposition of the board of directors, a lock-in over the foundersshares, and sometimes, detailed provisions governing share transfers.Protective provisions will seek to safeguard the funds investment inseveral ways, for example, the right to receive detailed informationabout the companys financial health (including management

information system reports and unaudited monthly financialstatements). The right to veto certain actions, and anti-dilution rights infuture financing rounds, are also commonly seen.

Financial provisionsWhat instrument? Once the parties have agreed on the valuation ofthe company, the next question is as to what kind of investmentinstrument is desired. Available options are equity shares, preference

4shares, and convertible instruments. Note that in case of investments5by non-resident funds, all shares must be fully paid-up , and the price

per share must be above the fair value arrived at in accordance withprescribed methods. Several factors influence the funds choice ofinstrument. The principal one is how the fund envisions its role in the

company. Funds which want to have a hands-on, operational role in theday-to-day affairs of the company may choose large or controllingstakes of above 50% of the equity shareholding. Funds for which theinvestment is a purely financial one may choose convertible instruments.

1. For a detailed analysis of private equity fund formation and transactions in India, please see http://www.samvadpartners.com/wp-content/uploads/2013/06/Getting-The-Deal-

T h r o u g h - I n d i a - P r i v a t e - E q u i t y - 2 0 1 2 - F u n d - F o r m a t i o n - C h a p t e r. p d f .http://www.samvadpartners.com/wp-content/uploads/2013/06/Getting-The-Deal-Through-India-Private-Equity-2012-Transactions-Chapter.pdf

2. Typically, a share subscription or purchase agreement and a shareholders agreement.3. Including initial public offers ( IPO), strategic sale, 'put option,' 'call option' among others. The 'Liquidation Preference' clause is also a significant one.4. Such as convertible debentures or preference shares. Also, convertible instruments must

be fully and mandatorily convert ible in order to be reckoned as equity. Partly convertible ornon-convertible instruments would be reckoned as debt and subject to the more onerousrules applicable to external commercial borrowings.

5. Partly paid instruments are not allowed for FDI, except with prior approval of the Government.

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Negotiating term sheets

- Legal Issues



Enforceability of Term Sheets in IndiaThere have not been significant judicial pronouncements on the

12question of enforceability of a venture capital term sheet. Tosummarise, term sheets are preliminary agreements, evidencing anintention of the parties to enter into a contract at a future date. Suchagreements to agree are not enforceable under both English andIndian law, although, there may be exceptions depending on the factsand circumstance of each case, the conduct and the intention (whetherexpress or implied) of the parties to create legal relations. Whether or

not a term sheet is binding on the parties depends on the provisionscontained therein. Therefore, the parties must employ a clear andunambiguous language to avoid disputes. Certain clauses likeExclusivity, Confidentiality and No-Shop, and the related DisputeResolution provisions, must be expressly stated to be valid and binding,independently of whether or not the deal goes ahead with the executionof definitive documentation. Importantly, clauses dealing with costs orfees, and who is to bear them, whether or not the deal goes through,must also be clearly indicated to be binding, so as to avoid unpleasantshocks later. The concept of break-fees and its payment, is anotherclause, that must be made so binding irrespective of deal closure.

instruments are viewed as eligible instruments to be issued to a personresident outside India by an Indian company, subject to certain termsand conditions.

Governance TermsBoard and Shareholder meetings . Funds would want a say in the waythe company is run, on certain important items, at least, and willtypically nominate at least 1 director to the companys board, coupledwith a list of items on which the board cannot proceed unless suchnominee director has consented. This list is typically replicated at theshareholder level as well, such that no resolution can be passed by theshareholders in general meeting on the specified list of matters, unlessthe fund, as a shareholder has consented (whether at the shareholdersmeeting, through its authorized representative, or through a separate

9written consent). While most funds seek to nominate a director(s) onthe companys board, there has been a rise in the trend where certainfunds prefer to appoint an observer on the companys board insteadof a director.

Restrictions on Share Transfers. The ability to restrict the transfer ofshares in private companies is important from the investors point of

10view. Typically, such investors would want to ensure that the founders / promoters of their investee company cannot unilaterally decide to

jump ship in the event the companys business is floundering therefore, elaborate provisions governing the transfer of shares istypically included in transaction documents and replicated in the articlesof association of the company. These include rights of tag-along,drag-along, come along, rights of first offer and rights of firstrefusal. While these rights are now fairly common in the industry, their

11enforceability in court is yet to be tested.

6. For example, one of the key conditions is that the company have distributable profits in the 3 financial years prior to the year in which DVR Shares are to be issued.7. First, and paripassu,to secured creditors and workmen; thereafter to satisfy all other debts;

and only finally to shareholders (preference and equity, in that order).8. For a detailed article on the subject, see http://www.siac.org.sg/index.php?

Option=com_content&View=article&id=406:enforceability-of-put-and-call-options -in-india-in-the-current- regulatory-environment&catid=56:articles&Itemid=171

9. These rights carry greater weight in private companies, while in public and public listedcompanies, the legal implications of these kinds of rights is very much a grey area. Whenthe question of whether these 'affirmative rights' or 'veto rights' amount to the fundacquiring 'control' over the investee company for the purpose of the takeover regulationscame up before the SEBI, SEBI ruled in the affirmative. The Securities Appellate Tribunal(SAT) reversed SEBI's order. The matter went up before the Supreme Court, but wasunfortunately settled before the Supreme Court could pass an order on the merits. TheSupreme Court did however expressly state that the SAT's ruling was not to be treated asprecedent. There is a likelihood that in the future a regulator or court could take the viewthat funds enjoy 'control' over their investee companies, with attendant legal implications.

10. Shares or debentures or other interest of any member in a company are movable propertytransferable in the manner provided by the articles of the Company. (S. 44, IndianCompanies Act, 2013). One of the important differences between private and publiccompanies in India is that a private company must by definition restrict the right totransfer its shares. For public unlisted and listed companies, unfettered transferability ofshares is key.

11. This is important when one recalls that foreign investment rules are layered upon theIndian company law. So, while the above rights may fall within the ambit of the Indian

company laws provided right to private companies to restrict the transferability of shares, FEMA regulations still have to be considered. Therefore, a foreign investor may not be able to enforce its drag right in FEMA-regulated sectors, unless the pricing guidelines are complied with.

12. Although the question has come up several times before Indian courts in the commercialcontracts context.

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Samvad: Partners is a partner-led, solution-oriented law firm, formed by the merger of Narasappa, Doraswamy & Raja ( NDR) and V Chambersof Law. The Firm is committed to providing smart and quality legal advice to our clients; maintaining the highest levels of professional integrity; andnurturing our lawyers in a work environment that motivates them to achieve and maintain the highest standards.

The Partners of the Firm Mr. Harish Narasappa, Ms. Neela Badami, Ms. Nivedita Nivargi, Ms. Poornima Hatti, Mr. Rohan K. George, Mr. SiddharthRaja and Ms. Vineetha M. G. are leaders in their respective fields of practice. The majority of our Partners have a rich mix of domestic andinternational experience, having worked in several legal and financial capitals around the world, including London, Hong Kong, Singapore,Mumbai, New Delhi and the Hague. Our lawyers are truly international, with several being admitted to practice law in India, England & Wales andNew York, bringing with them a deep and diverse international perspective.

With offices in Bangalore, Chennai, Mumbai and New Delhi the Firms partners and the legacy firm NDR have regularly received the highest

accolades and ranking from our peers, including recognition in Chambers & Partners and Legal500 , over the past few years.

DISCLAIMER: PLEASE NOTE THAT THE CONTENTS OF THIS ARTICLE ARE NOT MEANT TO BE A SUBSTITUTE FOR OBTAINING LEGAL ADVICIT IS ONLY AN INTRODUCTION FOR INFORMATIONAL PURPOSES AND WE URGE YOU TO CONSULT YOUR LAWYERS FOR SPECIFICADVICE.

NEELA BADAMI,Partner

Neela Badami works primarily in the areas ofmergers & acquisitions, private equity & venturecapital, TMT, general commercial contracts andpublic international law advisory.

Neela holds a B.A., B.L (Hons.) degree from the National Academy ofLegal Studies and Research (NALSAR) University of Law, Hyderabad

(2005, Gold Medallist). While at NALSAR, Neela represented India atthe Philip C. Jessup International Law Moot Court Competition (2004).She holds an LL.M from the University of Michigan Law School, AnnArbor, U.S.A (2008, Michigan Grotius Scholar).

Prior to joining the Firm, Neela was an associate in the Capital MarketsPractice Group at AmarchandMangaldas, Mumbai. Neela has alsoworked as a Law Clerk at the International Criminal Court in the Hague,Netherlands (Legal Advisory Section, Office of the Prosecutor).

Neela stays connected to academia through both writing and teachingengagements recently, she has taught a 1-credit elective course at heralma mater, NALSAR, on Private Equity and Venture CapitalTransactions in India. She has been published nationally andinternationally. Neela serves as a member of the Native Speaker Boardadvising the Goettingen Journal of International Law, as well as on theEditorial Board of the Forum for International Criminal andHumanitarian Law.

She can be reached at [email protected]

SINDHUSHRI BADARINATH,Senior Associate

Sindhushri Badarinath works in the areas of privateequity / venture capital transactions, real estateand general commercial law.

Sindhushri holds a B.B.A., LL.B. degree from Symbiosis Law School,Pune (2009). She has also completed a diploma in international businesslaws and corporate laws in India from Symbiosis International University(formerly known as SIEC (Deemed) University). She is admitted topractice law in India.

She has previously worked as an associate with Indus Law, Bangaloreand has handled matters relating to general commercial law andemployment / labour laws. She has worked on a variety of corporatelegal assignments for clients in ICT (information and communicationtechnology), healthcare, retail, and manufacturing sectors.

She can be reached at [email protected]

Introduction and overview

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Premium Listings



SVB India Finance Private Limitedwww.svb.com/india

About the Firm:

Started in 2008, SVB India Finance Private Limitedis a subsidiary of Silicon Valley Bank. It is positionedas India's first and only specialty lending businesstargeting high growth entrepreneurial companiesin India backed by top-tier venture capital andprivate equity investors. We have done over 60transactions across sectors in India ranging fromtechnology, ecommerce, healthcare to QSR,education etc. We offer multiple sources of diversedebt capital including venture debt, acquisition

financing, growth capital and capex financing.

Office Address:

12th Floor, Express TowersNariman PointMumbai - 400021

Tel: +91 22 6744 6500Fax: +91 22 6744 6565

Contact Persons(Name, Designation, E-mail & Contact no.):

Sujana [email protected]

Preferred Sectors:Sector-agnostic

Investment Range:Rs.3 Cr to Rs.25 Cr.

Select Transactions:Applied Solar Technologies, Capillary Technologies, Faasos FoodServices, Indiahomes, iYogi Technologies, Manthan SoftwareSystems, Myntra, Prizm Payments, Snapdeal, Yatra.com

We are looking for:We look for early to growth stage high potential companies thathave raised equity investment from top tier institutional VentureCapital or Private Equity investors. Companies that have strongmanagement teams and robust investor support in addition tosignificant IP or display of innovation form our targetaddressable market.

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Premium Listings



Ventureastwww.ventureast.net

Ventureast is a pioneering Indian VC fund manager

with a rich history of investing in innovativebusinesses across multiple sectors, and multiplestages of a business - from seed and early to growthstages. Patience and nerve, combined with awealth of operational experience and knowledgegained by helping our investee partnersdifferentiate- this best defines Team Ventureast,who is ever excited to join trailblazingentrepreneurs in a shared journey of building agreat company.

Office Address:Address: 5B,Ramachandra Avenue,Seethammal Colony, First Main Road,

Alwarpet,Chennai 600 018,Tamilnadu, India.

Tel: +91 44 2432 9864 / +91 44 2432 9863

I: 8-2-546, Plot No.140,Sheesh Mahal, Road No. 7,Banjara Hills,Hyderabad-500 034,Andhra Pradesh, India.

Tel: +91-40-2335 1044 / 45 / 46, 6551 0491

Level 1, am@10,MB Towers,Road No. 10,Banjara Hills,Hyderabad- 500 034,India

Tel: +91-40-46464880

Contact Details:

Email: [email protected]

Logo

Preferred Sectors:Technology (Mobility, Cloud, Internet) and technology-enabled(Education, Healthcare, Financial services, Cleantech and high-impact, invention-based social businesses); Life science andClean Environment (drug discovery, pharmaceuticals,manufacturing, infrastructure services, healthcare); Seed andincubation stage businesses.

Some marquee investments:Portea Medical, Bharat Light & Power; GoliVada Pav; Atyati;Little Eye Labs; Sresta (24 Letter Mantra), Polygenta,LoyltyRewardz; onemi

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Directory Section - Active Accelerators



Anil Joshi

500 Startups

www.500.co

Freemont Partners

Mumbai

www.freemontpartners.com

Angel Prime

Bangalore

www.angelprime.com

iAccelerator

Ahmedabad

www.iaccelerator.org

Kyron

Bangalore

www.kyron.me

The Startup Centre

Chennai

www.thestartupcentre.com

5ideas

Gurgaon

www.5ideas.in

GSF Accelerator

www.gsfindia.com

First Light Ventures

Mumbai

www.firstlight.vc

INFUSE Ventures

Ahmedabad

www.infuseventures.in

Microsoft Ventures Accelerator

Bangalore

www.microsoftventures.com

Startup Village

Kochi

www.startupvillage.in

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Directory Section - Active Accelerators



Anil Joshi

TLabs

www.venturenursery.com

Veddis Ventures

Gurgaon

www.veddis.com

VentureNursery

Mumbai

www.venturenursery.com

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Directory Section - Active Incubators



Mumbai Angels Anil Joshi

Abiyan

Lucknow

T: 91 90053 72642www.abhiyaniiml.com/node

Amity TBI

Noida

T: 91 120 465 9000www.amity.edu/aii/

Bannari TBI

Sathyamangalam

T: 91 4295 226 322

www.bittbi.com

Centre for Entrepreneurship

Gurgaon

T: 91 124 234 3655

BEC STEP

Bagalkot

T: 91 8354 220 689www.becbgk.edu/beckstep.html

BMInstitute of Engineering & Technology

SonipatT: 91 130 223 0563

www.bmiet.net

CIIE, IIM AAhmedabad

T: 91 79 6632 4201www.ciieindia.org

Center for Entrepreneurship - SPJIMR

MumbaiT: 91 22 2623 7454

www.spjimr.org/centre_entrepreneurship/home.asp

Centre for Biotechnology Incubator

ChennaiT: 91 98403 48173

D.K.T.E. SocietysKolhapur

T: 91 230 242 1300www.dktes.com

Amrita TBI

Kollam

T: 91 476 280 4523www.amritatbi.com

All India Association of Industries

Mumbai

T: 91 22 2201 9265www.aiaiindia.com

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Listing of Active Incubators




EDC

Ambala

T: 91 1731 275 792

EDC

Radaur

T: 91 1732 277 314

EDC-Jawaharlal Nehru College

Pasighat

T: 91 368 222 2496

Entrepreneurship Development Instituteof India

Gandhinagar

T: 91 79 2396 9151

www.ediindia.org

EDC-SNIST

Hyderabad

T: 91 8415 223 001

E health-TBI

Bangalore

T: 91 80 2642 0001

www.ehealthtbi.com

GNEC-STEPLudhiana

T: 91 161 249 0339www.gndec.ac.in

FMS,Entrepreneurship Cell

Delhi

T: 91 88009 49495

www.ecell-fms.org

Ekta Incubation Centre

Kolkata

T: 91 33 2367 3978

www.technologyembryo.com

HBTI-STEPKanpur

T: 91 512 256 2536www.stephbti.org

EDC-Faraday Bicentanary Sciente Park

Guwahati

T: 91 361 260 6610

www.edccottoncollege.org

EDC

Bhavnagar

T: 91 278 242 9852

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ICICI KP

Hyderabad

T: 91 40 2348 0022

www.iciciknowledgepark.com

Incubation and Entrepreneurship centre,SRM

ChennaiT: 91 44 2474 2836

www.srmuniv.ac.in/incubation_entrepreneurship.php

Indian School of Business (ISB) - WadhwaniCentre

Hyderabad

T: 9140 2318 7100

JSSATE STEP

Noida

T: 91 120 240 1484

www.jssstepnoida.org

International RCI Road-EDC

Hyderabad

T: 91 40 24457 1047

Innovation Centre

Manipal

T: 91 820 292 2323

www.manipal.edu

Krishna TBIGhaziabad

T: 91 120 267 5314www.kiet.edu

KIITCIE

Bhubaneswar

T: 91 674 272 5466

www.kiitincubator.in

IT BHU, Varanasi

Varanasi

T: 91 542 236 8427

www.itbhu.ac.in

Kukhatapally-EDCHyderabad

T: 91 40 2305 2650

IndiaCo Ventures

Pune

T: 91 20 2551 3254

www.indiaco.com

ICRISAT

Hyderabad

T: 91 40 3071 3071

www.icrisat.org

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MICA

Ahmedabad

T: 91 2717 308 250

www.mica.ac.in/mode/home

NDBI

Ahmedabad

T: 91 79 2662 3692

www.ndbiindia.org

Netaji Subhash Institute of Technology

New Delhi

T: 91 11 2509 9050www.nsit.ac.in

NSRCEL

Bangalore

T: 91 80 2699 3769

www.nsrcel.org

NIT

Calicut

www.nitc.ac.in

NITK-STEP

Surathkal

T: 91 824 247 5490

www.nitkstep.org

Periyar TBIVallam Thanjavur

T: 91 4326 264 520www.periyartbi.org

Osmania University-EDC

Hyderabad

T: 91 40 2709 8254

www.uceou.edu

NMAM Institute of Technology

Nitte

T: 91 8258 281 263

PSG-STEPCoimbatore

T: 91 422 436 3300www.psgstep.org

NDRI

Karnal

T: 91 184 225 2800

www.karnal.gov.in/res_ndri.asp

MITCON

Pune

T: 91 20 2553 3309

www.mitconindia.com

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RTBI-IIT

Chennai

T: 91 44 6646 9872

www.rtbi.in

SIDBI IIT

KanpurT: 91 512 259 6646

www.iitk.ac.in/siic

SJCE STEP

Mysore

T: 91 821 254 8321

www.sjcestep.in

STEP-IIT

Roorkee

T: 91 1332 272 337

STEP

Bhopal

T: 91 755 405 1000

www.manit.ac.in

STEP-BIT

Ranchi

T: 91 651 227 544

www.bitmesra.ac.in

STEP-TIETPatiala

T: 91 175 239 3011www.nstedb.com/fsr-tbi09/STEP9/About.html

STEP-NSIC Technical Services Centre

Rajkot

T: 91 281 238 7613

STEP IIT

Kharagpur

T: 91 322 228 1090

www.stepiitkgp.in

STPPune

T: 91 20 2293 2644www.stpp.soft.net

SINE

MumbaiT: 91 22 2576 7072

www.sineiitb.org

Shriram Institute For Industrial Research

Delhi

T: 91 11 2766 7267

www.shriraminstitute.org

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Tamil Nadu Agricultural University (TNAU)

Chennai

T: 91 422 661 1201

www.tnau.ac.in

TBI-Anna University

ChennaiT: 91 44 223 50772

www.annauniv.edu/act/cbt/index.htm

TBI-Indira Gandhi Institute of Technology

Delhi

T: 91 11 2659 1057

TBI BITS,

Pilani,T: 91 1596 245073

www.bitspilani.ac.in/pilani/technologybusiness/TechnologyBusinessIncubator

TBI Composites

Bangalore

T: 91 80 6599 7605www.compositestechnologypark.com/

detailsofctp.htm

TBI Univ. of Delhi

DelhiT: 91 11 2411 6559

www.nstedb.com/institutional/tbi-center.htm

TBI-ICT

Hyderabad

T: 91 40 2719 3030

TBI-UOH

HyderabadT: 91 40 2313 5000

TBI

Erode

T: 91 4294 226 650

www.tbi-kec.org

Technopark

Trivandrum

T: 91 471 270 0222

www.technoparktbi.org

The Lemelson Recognition & MentoringProgramme

Chennai

T: 91 44 2257 8061 www.icandsr.iitm.ac.in

TeNeTChennai

www.tenet.res.in

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Mumbai AngelsThiagarajar College of Engineering (TCE)Madurai

T: 91 452 248 2240

www.tce.edu

University of Kashmir

Srinagar

T: 91 94194 04789

TREC STEP

Tiruchirappalli

T: 91 431 250 0085

www.trecstep.com

Truesoft Ventureswww.truesoft.in

Visvesvaraya Technological University

BelgaumT: 91 831 240 5453

Venture Centre NCL

PuneT: 91 20 6401 1026

www.venturecenter.co.in

University Institute of Engineering &Technology (UIET)

Kurukshetra

T: 91 1744 239 155www.uietkuk.org

VIT-TBI

VelloreT: 91 40 2313 5000

www.vittbi.com

Welding Research Institute

Tiruchirappalli

T: 91 431 2577820

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Listing of Active Angel Investor Groups



Tempus Capital

www.tempuscapital.in

C Cube Angels

www.ccubeangels.com

Hyderabad Angels

T: 91 40 6451 3397

www.hyderabadangels.in

Harvard Angels India

www.hbsalumniangels.com /article.html?aid=137

Kutchi Angel Network

T: 91 98672 40320

kan.net.in(Focused on Gujarat's Kutchi community)

Mumbai Angels

+91 22 2409 1676

www.mumbaiangels.com

Palaash Ventures

+91 11 48900000

www.palaashventures.com

Rajasthan Angel Investor Network (RAIN)

+91-98283 55513

www.rainjaipur.co.in

Sarthi Angels

+91-022-26528671-72

www.sarthiangels.com

SRI Capital

www.sricapital.com

Chennai Angels

www.thechennaiangels.com

Indian Angel Network

T: 91 11 4075 5713

www.indianangelnetwork.com

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Listing of Active Seed Capital Investors



Nexus Ventures

Nexus VenturesAccel India

T: 91 80 4123 2551

www.accel.com

Angaros Capital

T: 91 40 4949 2000

www.angaroscapital.com

Atlas Ventures

T: 91 44 4211 0176

www.atlasadvisory.org

Anil Joshi

Anil Joshi

Epiphany Ventures

T: 91 22 2652 8635

www.epiphanyventures.in

Clarion Venture Partners

www.clarionvp.com

Indavest

T: 91 80 4148 3223

www.indavest.com

India Quotient

www.indiaquotient.in

Blume Ventures

www.blumeventures.com

Headstart Ventures

www.headstartventures.in

Das Star Ventures

T: 91 98844 22270

IncuCapital

T: 91 20 2556 0254

www.incucapital.com

IndusAge Partners

T: 91 44 4350 4050

www.indusage.com

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Jungle Ventures

T: 65 6423 9516

www.jungle-ventures.com

Ladderup

T: 91 22 4033 6363

www.ladderup.com

Nexus Ventures

T : 91 22 6626 0000

www.nexusvp.com

Orios VP

www.orios.gi

Singularity Ventures

www.singularityventures.in

Seedfund

T: 91 22 2490 2201

www.seedfund.in

KAE Capital

T: 91 22 2202 4184

www.kae-capital.com

My First Cheque

www.myfirstcheque.com

Navam Capital

T: 91 33 4025670

www.navamcapital.com

Mercatus Capital

T: +65 6776 7819

www.mercatus-capital.com

Ojas Venture Partners

T: 91 80 4061 0300

www.ojasventures.com

Seeders

www.seeders.in

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Unilazer Ventures

T: 91 22 61093730

www.unilazer.com

Ventureast Tenet

T: 91 44 2432 9864

www.ventureast.net

Spark Capital

T: 91 44 4344 0000

www.sparkcapital.in

YourNest Angel Fund

T: 91 124 404 2155

www.yournest.in

Viva Capital

T: 91 22 3953 0697

www.vivacapital.in

Zodius Capital

T: 91 22 22040537

www.zodius.com

Snow Leopard Technology Ventures

www.snowleopardtechventures.com

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Listing of Active Venture Capital Investors



Kalaari [email protected]

91 80 67159600

www.kalaari.com

Vani

Applied Ventures

T: 408-584-0663 (US)www.appliedmaterials.com

Aarin Capital

T: 91 80 3078 9200 www.aarincapital.com

Artiman Ventures

T: 91 80 2509 1453www.artimanventures.com

Accel India

T: 91 80 4123 2551www.accel.com

Basil Partners

T: 91 22 6112 0901www.basilpartners.com

Canbank Ventures

T: 91 80 2558 6506www.canbankventure.com

Aspada Advisors

www.aspadainvestments.com

Canaan Partners

T: 91 124 430 1841www.canaan.com

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Mumbai AngelsSandeep Singhal

Headland Capital

T: 91 22 3953 7447

www.headlandcp.com

Helion Ventures

T: 91 80 4018 3333www.helionvc.com

Footprint Ventures

T: 91 80 4110 1910www.footprintventures.com

IDG Ventures India

T: 91 80 4043 4836www.idgvcindia.com

Foundation Capital T: 1 650 614 0500

www.foundationcapital.com

GVFL

T: 91 79 4021 3900

www.gvfl.com

Fulcrum VenturesT: 91 22 4090 7385

www.fulcrumventureindia.com

Capital 18

T: 91 120 434 1818www.capital18.com

Intel Capital

T: 91 80 2507 5000www.intel.com/capital/india/default.htm

Infuse Ventures

T: 91 79 6632 4201www.infuseventures.in

(Cleantech focused)

India Innovation Fund

T: 91 80 4335 6666www.indiainnovationfund.in

Indus Balaji

T: 91-22-4069 4100www.indusbalaji.com

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Mumbai Angels

Mumbai Angels

Sandeep Singhal

Lightbox

www.lightbox.vc

Kalaari CapitalT: 91 80 67159600

www.kalaaricapital.com

Jafco Asia

T: 65 6224 6383www.jafcoasia.com

Lightspeed Ventures

T: 91 11 4980 0800

www.lightspeedvp.com

Kaizen PE

T: 91 22 6767 5757www.kaizenpe.com

(Education Focused)

Matrix Partners India

T: 91 22 6768 0000www.matrixpartners.in

Nexus Ventures

T: 91 22 6626 0000www.nexusvp.com

Inventus Capital Partners

T: 91 80 41256747www.inventuscap.com

Ojas Venture PartnersT: 91 80 4061 0300

www.ojasventures.com

Nokia Growth Partners

www.nokiagrowthpartners.com

Mumbai AngelsNorwest

T: 91 22 6150 1111www.nvp.com

Nirvana Ventures

T: 91 22 2204 5519www.nirvanaventures.in

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Somerset Indus Capital

www.somersetinduscap.com(Healthcare Focused)

Sonoma Management Partners

T: 91 20 4131 5656www.sonomamgmt.com

Tiger Globalwww.tigerglobal.com

VentureastT: 91 44 2432 9864www.ventureast.net

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Listing of Active SME Investors



Mumbai Angels

Mumbai Angels

Sandeep Singhal

AquariusT: 91 80 4112 4880

www.aquarius.com.sg

Abraaj Group

T: 91 22 67 874 500www.abraaj.com

Avigo CapitalT: 91 11 43683300

www.avigocorp.com

Access PE

T: 91 22 65154700www.accesspe.in

Bessemer

T: 91 80 30829000

www.bvp.com

BanyanTree Finance

T: 91 22 6623 5555

www.banyantreefinance.com

Canbank Ventures

T: 91 80 2558 6506www.canbankventure.com

EQ India

T: 91 22 66156300www.eqindiaadvisors.com

IFCI Ventures

T: 91 11 4179 2800www.ifciventure.com

Headland Capital

T: 91 22 3953 7447www.headlandcp.com

Gaja Capital

T: 91 22 2421 2280www.gajacapital.com

IFC

T: 91 11 4111 1000www.ifc.org

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Listing of Active SME Investors




Zephyr Peacock India

T: 91 80 4261 3300www.zephyrpeacock.com

Kotak PE

T: 91 22 43360000www.privateequityfund.kotak.com

Matrix Partners IndiaT: 91 22 6768 0000

www.matrixpartners.com

NEA T: 91 80 67710801

www.nea.com

Lighthouse Fund

T: 91 22 4204 1000www.lhfunds.com

Mayfield

T: 91 22 6627 3000

www.mayfield.com

Paracor India

T: 99670 59432

www.paracorcapitaladvisors.com

Vertex

T: 91 80 67590555www.vertexmgt.com

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Listing of Active Social Investors



Mumbai Angels

Sandeep Singhal

BlueOrchard

T: 41 22 596 4777www.blueorchard.com

Creation Investments

T: 1 312 784 3988www.creationinvestments.com

Developing World Markets

T: 1 203 655 5453www.dwmarkets.com

Dia Vikas Capital

T: 91 124 452 9500www.dia-vikas.org

Acumen Fund

T: 91 22 6758 9365www.acumenfund.org

Elevar Equity

T: 91 80 4335 6666www.elevarequity.com

Bellwether

T: 91 40 6646 0505www.bellwetherfund.com

Ennovent

www.ennovent.com

Sandeep Singhal

Aavishkaar

T: 91 22 4200 5757www.aavishkaar.in

Accion International T: 91 80 4112 0008

www.accion.org

Mumbai Angels4B Capital

T: 91 80 0896 2828www.4bcapital.com

Aavishkaar GoodwellT: 91 22 4200 5757

www.aavishkaargoodwell.com

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Mumbai AngelsMumbai Angels

Mumbai Angels

Sandeep Singhal

Legatum

T: 971 4 317 5800www.legatumcapital.com

Khosla Ventures

T: 91 80 4212 4272 www.khoslaventures.com

Insitor Fund

www.insitormanagement.com

Lok Capital

T: 91 124 470 9700www.lokcapital.com

Intellecap Impact Investment Network

T: 91 40 4030 0200www.i3n.co.in

Impact Investment Partners

www.impactinvestmentpartners.com

MI india

T: 91 124 452 9500www.miindiacapital.org

Incofin

T: 91 44 26416624

www.incofin.be

Mumbai AngelsGray Ghost Ventures

T: 1 678 365 4700www.grayghostventures.com

IFMR Trust

T: 91 44 6668 7000www.ifmrtrust.co.in

Mumbai AngelsIAN Impact

T: 91 11 4075 5713www.indianangelnetwork.com

Grassroots Business Fund

T: 91 120 424 1000www.gbfund.org

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Song Investment Advisors

T: 91 40 2318 7241www.songadvisors.com

Unitus

T: 91 80 4112 0008www.unitus.com

Villgro

T: 91 44 6663 0400www.villgro.org

Mumbai AngelsOmidyar NetworkT: 91 22 6118 7300www.omidyar.com

MicroVentures

T: 91 80 4095 7653www.micro-ventures.in

MicroVest T: 1 301 664 6680

www.microvestfund.com

Michael Dell Foundation

T: 91 11 41666300www.msdf.org

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vc handbook 2014

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