IDG Ventures India, the local venture capital affiliate of US-based IT media company International Data Group, has set up a consumer-focused investment initiative, DealStreetAsia has reported.
Digital Consumer Innovators Program will target mobile-based e-commerce startups, digital media companies and internet-focused software developers, and IDG Ventures India expects to fund between 15 and 25 companies through it by the end of 2016.
Portfolio companies will receive between $500,000 and $1m from the firm at seed stage, and between $3m and $5m for series A rounds. Earlier this month, IDG Ventures India reached a $150m close for its latest fund, and aims to increase its size to $200m.
Sudhir Sethi, chairman of IDG Ventures India, told DealStreetAsia: “This is the perfect time to step up our investments in digital internet startups.
“The quality of entrepreneurs has gone up significantly; entrepreneurs are coming up with more differentiated business ideas than last year and the market is booming. Additionally, valuations across stages have gone down relative to last year, and with our new fund, we are well placed to take advantage of this opportunity.”