Entrepreneurship & Venture Capital (EVC), a global venture capital firm, has announced to invest a fund of $50 million in India.
The investment is aimed to building and supporting technology ventures in sectors such as the Internet of things (IoT), mobile space, ad-tech, e-commerce, gaming, wearables and education.
EVC also operates EVC Accelerators in the US and India, and provides capital and mentorship to help entrepreneurs in their journey to become the next unicorns.
The venture capital firm is likely to invest between $100K to $5 million from its fund EVC II in exchange for equity.
Anjili Jain, Managing Partner, EVC said,
Today, India has emerged as one of the most assuring entrepreneurial landscapes. We have launched the fund looking at the opportunities that Indian ecosystem has to offer. We also aim to bridge the existing gap in the ecosystem by supporting new businesses that can put India on the global entrepreneurial map.
The VC firm sees IoT, ad-tech, e-commerce, gaming and education are the sectors where business growth will take place.
About the market
According to IDC
- Global IoT market is expected to grow to $1.7 trillion by 2020
- Devices, connectivity, and IT services are expected to account for two-thirds of the IoT market
- Global gaming industry grew 4 times between 2009 and 2014 from $10.5 billion to $46 billion
In 2014, Google acquired smart thermostat maker Nest Labs for $3.2 billion, showing its interest in the IoT space.
According to e-commerce industry body Assocham, the e-commerce industry in India is expected to jump by 67% from $23 billion in 2015 to $38 billion by 2016.
Investments so far
In February 2016, EVC supported Telecom Centres of Excellence (TCOE) with $4 million for its Innovation in Mobile App Development Ecosystem (I-MADE) program. It is a 5 year program distributed in 2 phases. In phase I, 100 institutes will be selected to be a part of the program and in Phase II up to 3000 institutes. The program is developed to help Indian entrepreneurs build 1 million mobile app start-ups that has the ability to become Indian unicorns.