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IDG Ventures secures $150M for its $200M India Fund III

IDG Ventures India has raised $150 million for its India Fund III, reports Inc42. IDG had announced Fund III in February this year, with a target amount of $200 million. The firm expects to raise the rest of the amount before the end of the year. According to the report, IDG Ventures will also use the fund to make Series B investments and above instead of only using it for seed funding. The $200 million Fund III is twice the size of the previous 2 funds which had a corpus of $100 million each. IDG Ventures has been actively investing in internet and mobile startups, engineering and software enterprises along with recent investments including companies like HealthifyMe, Rentomojo, Bidgely and Zimmber. Additionally, IDG’s India portfolio includes companies such as Myntra, Flipkart, and Yatra.com, etc. The Indian division of the VC firm was originally initiated by Manik Arora, Sudhir Sethi and TC Meenakshisundaram 9 years ago. In September last year, Ratan Tata joined IDG Ventures as a senior advisor for advising portfolio companies. Note that, Tata has invested in over a dozen startups over the last year or so in his personal capacity, although the amount has never been disclosed. In October 2015, Kris Gopalakrishnan had also joined the company as an adviser. Funds dedicated to Indian tech startups: - In March, Trivitron’s Managing Director GSK Velu floated two investment funds - a Venture Capital (VC) fund under Stakeboat Capital targeting to raise $100 million, and a family office fund with…

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