IDG Ventures India Fund III LLC (IFC-39362)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 1, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
IDG VENTURES INDIA ADVISORS PRIVATE LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 14, 2018

Disclosed by Bank Jan 27, 2017


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Project Description

According to IFC website, the proposed project consists of an equity investment of up to US$ 20 million in IDG Ventures India Fund III LLC, a self-managed closed-end fund domiciled in Mauritius with a target size of $200m. The Fund seeks to focus primarily on Series A/B investments with selective seed and later stage investments in technology and technology enabled companies in India across Consumer Internet, Software, Health-tech and Fin-tech sectors.

Investment Description
  • International Finance Corporation (IFC)

The Fund has appointed Leopard Capital Advisors Co. Ltd., a private company incorporated under the laws of Mauritius (“Investment Advisor”), as its investment advisor to provide it with non-binding and non-exclusive advice on investment and divestment.

Sub-Advisor

IDG Ventures India Advisors Private Limited (“IDGVI” or “Sub-Advisor”), a company incorporated under the Indian Companies Act, 1956 will provide non-binding investment advice to the Investment Advisor. IDGVI was established in 2006 by Managing Directors (“MDs”) Sudhir Sethi and TC Meenakshisundaram (“TCM”). Prior to that, Sudhir and TCM worked together for over a decade at Wipro, and then in the investment team at Walden International. Since then IDGVI has grown into a 12 member team with 200+ years of combined Indian and global experience and 90+ years of combined VC experience. The Sub-Advisor is wholly owned by Sudhir and TCM. The Investment Advisor is wholly owned by affiliates of Sudhir and TCM.

 

Private Actors

IDG Ventures India Advisors Private Limited, a company incorporated under the Indian Companies Act, 1956 will provide non-binding investment advice to the Investment Advisor. IDGVI was established in 2006 by Managing Directors  Sudhir Sethi and TC Meenakshisundaram. Prior to that, Sudhir and TCM worked together for over a decade at Wipro, and then in the investment team at Walden International.  Since then IDGVI has grown into a 12 member team with 200+ years of combined Indian and global experience and 90+ years of combined VC experience. The Sub-Advisor is wholly owned by Sudhir and TCM. The Investment Advisor is wholly owned by affiliates of Sudhir and TCM.

Contact Information

Project Contact: Gulshan Raj Ramgoolam
Manager, International Financial Services Limited
Contact No.: +230 467 3000 | Direct No: +230 464 1352 | Fax No: +230 467 4000
Email Address: gulshan@ifsmauritius.com
Office Address: IFS Court, Bank Street, TwentyEight Cybercity, Ebène 72201, Republic of Mauritius
Website: http://www.ifsmauritius.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/