IDG Ventures India rebrands to Chiratae Ventures2 min read . Updated: 10 Oct 2018, 09:39 AM IST
Founded in 2006 by Sudhir Sethi and TCM Sundaram, IDG Ventures has so far backed 76 start-ups, including Myntra, FirstCry and Lenskart
Bengaluru: IDG Ventures India, one of the country’s leading early-stage venture capital firms, has rebranded itself to Chiratae Ventures, as part of a broader strategy to move away from the global brand and appeal more to entrepreneurs in India.
The new brand was unveiled by IDG’s founding partners Sudhir Sethi and TCM Sundaram, alongside Flipkart co-founder Binny Bansal, and Kris Gopalakrishnan, co-founder of Infosys, in an event on Tuesday.
‘Chiratae’ roughly means a leopard in Kannada.
Founded in 2006 by Sethi and Sundaram, IDG Ventures has so far backed 76 start-ups. The firm has invested in marquee brands including fashion e-commerce site Myntra (acquired by Flipkart), online kids and baby products portal FirstCry and Lenskart, among others. IDG also led a $120-million funding round for CureFit Healthcare Pvt. Ltd in July.
“We as Investors need to reinvent for the new India. We recognize that India is changing rapidly and at scale and we want to be the catalysts to support this entrepreneurship growth and change. The coming years will need us to be more agile, more innovative, give long term support for startups and recognize and adapt to these changes," said Sethi at the event. “As investors we will not only scale our investments rapidly but also our exits and returns to our LP’s. To reflect the essence of this change, we are changing our identity today."
India’s personal wealth is projected to grow at a CAGR of 13% to $5 trillion by 2022, according to a report by Boston Consulting Group (BCG). This presents a big opportunity for venture capitalists to invest in budding start-ups, said Gopalakrishnan.
Chiratae Ventures competes with early-stage investors including Accel Partners, SAIF Partners, and Kalaari Capital in India.
The firm’s advisory board currently consists of Ratan Tata, former chairman of the Tata Group; Gopalakrishnan; Bruno Raschle, founder at Schroder Adveq; Manish Choksi, Asian Paint Family Office; and Venkataramanan Anantharamanan, regional co-head at Standard Chartered Bank.
Chiratae debuted in India in 2006 as IDG with a $150-million fund. In those days, the venture capital industry in India was at a nascent stage and funds of that size were rare. So far, Chiratae has launched three funds in India and is soon expected to raise its fourth fund, with a much bigger corpus than before. In recent years, Chiratae has backed a number of breakout startups in India’s rapidly-booming start-up ecosystem including Cure.fit, Nestaway and SigTuple.