International Data Group (IDG), a US-based technology research and media group with $3bn in annual revenues, is reportedly closing in on $150m for its second India-focused corporate venturing fund.
Soumitra Sharma, senior analyst at IDG, said: “The amount is being raised [by IDG Ventures India Advisors] as part of our second round, as we see an increasing interest among investors in India.”
Last year, Patrick McGovern, chairman and founder of IDG, said the IDG Ventures India Fund for early-stage deals would target $175m and have an upper limit of $200m. IDG would commit a quarter of the total raised, he added.
IDG committed $150m to its first India fund in 2006 led by Sudhir Sethi.
IDG traditionally commits the whole amount raised in the first fund for a specific region and then third parties can invest as limited partners in the second and subsequent funds.