Silicon Valley venture capital firm Mayfield Fund has established a new vehicle, Mayfield India I, its first fund dedicated to investments across India. Commitments of $110m have been received.The fund will focus on mid-market companies in the technology, infrastructure and consumer sectors.
The India team has so far invested in six India-domiciled companies: technology providers Tejas Networks and Paymate, consumer service providers Consim Info and Genesis Colors and infrastructure providers Geodesic Systems and Servomax.
Navin Chaddha, a managing director at Mayfield, said, 'We believe that India continues to present attractive mid-market investment opportunities across a variety of sectors. The middle-class appetite for services, the continuing need to upgrade India's infrastructure and the rise of global technology providers are the three drivers that define our investment strategy.'
Mayfield closed Mayfield XIII, the firm's US-focused fund, in September on $395m.
Mayfield, founded in 1969, has $2.8bn under management and focuses on the US, China and India.
Source: Alt Assets