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Analysis

VC firm Ganesh Ventures forays into India

Jul 6, 2018 by The Passage Team
VC firm Ganesh Ventures forays into India

Ganesh Ventures, a fund set up by Jessica Wong, former founding partner of Hong Kong-based venture capital firm Cyber Carrier, is all set to make an aggressive entry into the Indian VC landscape. Though the initial closing is expected to be USD 30 million, Ganesh Ventures plans to invest USD 250 million in Indian start-ups over the next 3-5 years.

Consumer-centric business models in technology, media and telecommunications, consumer products, fintech and health-tech will be on the radar for Ganesh Ventures.

Investors from Europe, Hong Kong, Taiwan and Mainland China are backing Ganesh Ventures. The anchor limited partners include Landmark Capital and the revered eWTP Ecosystem Fund (“Electronic World Trade Platform”, a brainchild of Jack Ma’s dream initiative to boost cross-border e-commerce) led by Mr. Yongfu Yu. Ganesh Ventures will be eWTP’s strategic investment partner in India – a key market in its comprehensive international plan.

Capital is not the only thing that Ganesh Ventures brings to the table. The plan is to forge a much-needed bridge for ambitious Indian founders to access successful Chinese entrepreneurs and investors so that they can utilize cross-border resources, exchange learnings and achieve market synergies.

Ganesh Ventures unique offering is its partnership approach – not only will the fund invest its own capital in Indian start-ups, but open the gateway to other investors for larger follow-on capital raises. The total investment corpus of Ganesh Ventures’ partners is estimated to be in excess of a billion dollar.

“We’ve been testing the waters in India for some time and have gained a valuable understanding of the market. Our portfolio companies have received continued support from a growing number of strategic partners such as Xiaomi and Alibaba group. The success we have achieved so far with our partners and portfolio strengthens our confidence to engage with more stakeholders and enhance our portfolio,” Jessica said.

She is no stranger to the Indian start-up landscape. Jessica was the founder and managing partner of Cyber Carrier, a fund invested in six rising Indian companies across fintech, travel and discretionary healthcare sectors.

The investments have fetched more than 300% returns, and almost all the portfolio companies have raised more capital at materially higher valuation. Cyber Carrier has recently made a profitable partial exit from KrazyBee, a one-of-its-kind student lending platform, after Xiaomi and Shunwei Capital exhibited trust in the company’s strategy and capability.

“Our new fund has already participated in the further rounds of HappyEasyGo, GigIndia, Indialends, and BeYouPlus re-asserting confidence in our previous investments,” says Jessica.

Ganesh Ventures will reportedly have offices in Gurgaon, Bengaluru, Hong Kong and Beijing. The team has already started evaluating new projects rather aggressively and intends to close half a dozen deals within this calendar year. Indian entrepreneurs surely have something to look forward to with the entry of Ganesh Ventures.

The Passage Team

The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.

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