Venture capital firm IDG Ventures India Ltd has launched a programme, Digital Consumer Innovators Program, to find and invest in 15-25 new consumer-facing Internet startups. The VC firm is looking at mobile-first shopping apps, digital media startups, software providers for Internet companies and others and it will invest $500,000 to $1 million in early-stage deals as well as $3-$5 million in Series A deals.
Apart from providing funding, IDG will help the selected startups to hire and flesh out their strategies as well as startups will have access to IDG’s advisory panel that includes Mukesh Bansal, founder and ex-chief executive of online fashion retailer Myntra; former Tata Group chairman Ratan Tata; and Infosys Ltd co-founder Kris Gopalakrishnan.
In February, Kalaari Capital also launched a startup accelerator called Kstart, by earmarking $20 million for the programme over the next two years. IDG will raise its third fund of $200 million and plans to invest in about 45 startups from this fund over the next three years. Its portfolio includes Flipkart Ltd, Lenskart, Firstcry and Zivame among others.
A couple of days back, IDG Ventures India has led a $6 million series A investment round in Health and fitness app HealthifyMe, along with participation from Inventus Capital and Blume Ventures. Apart from this, Bangalore-based VC fund IDG Ventures India has also closed $150 million India fund. It expects to raise the entire money for its $200 million third fund called IDG Ventures India Fund III by the end of this year.
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