Sanjeev Bikhchandani, who has been among the early breed of Indian entrepreneurs founding the first set of internet companies in India that paved the way for the likes of Flipkart, Snapdeal, Zomato, and more, had recently likened foreign investors to new Ease Indian companies targeting Indian IP and market.
Sanjeev Bikhchandani-led Info Edge’s early-stage venture capital fund for startups Info Edge Ventures, launched in January this year, has secured a commitment of Rs 375 crore from Singapore-headquartered investment firm Temasek. The fund, which has a corpus size of Rs 750 crore increased from Rs 100 crore in June this year, has already backed nine startups including DotPe, Bulbul, Qyuki, Fanclash, Truemeds, Rusk Media, FirstHive, Polymerize, Udayy. “We are delighted to be partnering with Temasek at the Info Edge Venture Fund. We have a deep and long-standing relationship with Temasek, having partnered with them at Info Edge, as well as for investments such as Policybazaar and Zomato,” said Sanjeev Bikhchandani, Founder and Executive Vice Chairman, Info Edge in a statement.
Info Edge Ventures team in its earlier avatar had also backed startups such as B2B e-commerce platforms Shopkirana and Bijnis, logistics SaaS startup Shipsy, men’s grooming brand Ustraa, agritech startup Gramophone, and more. The new venture fund was set up as a Category II Alternative Investment Fund sponsored through the company’s wholly-owned subsidiary Smartweb Internet Services. The company entered into a “Contribution Agreement with MacRitchie Investments Pte. Ltd, an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited (‘Temasek’)” for the Rs 374 crore investment, according to the regulatory filings. The company, in its June filings, had said that along with its wholly-owned subsidiary as limited partners, Rs 350 crore was committed to the fund while Rs 150 crore was disbursed out of it till then.
Bikhchandani, who has been among the early breed of Indian entrepreneurs founding the first set of internet companies in India that paved the way for the likes of Flipkart, Snapdeal, Zomato, and more, had recently likened foreign investors to new Ease Indian companies targeting Indian IP and market. “Shades of the East India Company type of situation here – Indian market, Indian customers, Indian developers, Indian workforce. However 100% foreign ownership, foreign investors. IP and data transferred overseas. Transfer pricing issues foggy,” Bikhchandani had tweeted earlier this month. He called it to be the “institutionalised transfer of wealth away from India while living off the Indian market and Indian labour somewhat like the days of the Company rule.”