Softbank International Ventures vice-president (business development) Jesse BR Parker told The Financial Express: "Softbank is here in India to invest for the long term. We are clear about one thing; we may bring about key changes in investment strategies, but we will invest for the long term."

"We want to be among the top companies investing in India," he added. Mr Parker, however, refused to divulge financial details on future investments.

According to Mr Parker, who is in India to attend a board meeting of eVentures India, Softbank is looking primarily at the technology services areas for investments.

eVentures India, a premier operating and investing company that invests inIndia-centric and India-leveraged emerging businesses in the new media, has already partnered with 13 companies in the areas of global services, local infrastructure companies, B2C and B2B ventures. These include NetAcross OnlineSolutions, Netpilgrim, Customerasset.com, Net Magic, Mediaturf, Chaitime, Contests2win, among others. The company has already invested about $65 million.

Softbank is pioneering the global Internet economy with innovation, capital and expertise. Globally, it has ownership positions in more than 450 Internet companies, including leading e-brands and e-businesses.

"India's prospects for growth in the new economy are bright. As against the US where the Internet penetration has reached 50 per cent of the population, in India the critical level is yet to be reached given the huge population base of the country. I would say that India would have reached this level when Internet penetrates to 25-30 per cent of the socio-economic middle class," he said.

"B2C is a difficult market," said Mr Parker, adding that it is not what excites the capital markets. On investments into the retailing sector, Mr Parker said that though Softbank is a major investor in the retailing sector in the US, it is not looking at investing in this sector in India as it is still early days for retailing here.

Commenting on the venture capital funding trends, Mr Parker said that enough money has been raised and there is a cautious approach now. "It is a good thing that valuations are down with the Nasdaq down. India is also seen to be affected by the movement on the Nasdaq, which is good," he added.