Draper ready to cut $1-million cheques in India
NEW DELHI: Timothy Cook Draper, the founder of venture capital firm Draper Associates, wants to resume investing directly in early-stage Indian startups almost a year after he exited the country.
His reason: Prime Minister Narendra Modi's anti-corruption drive.
The American venture investor plans to write cheques of about $1 million each, on average, for Indian startups working in areas such as Bitcoin, Blockchain, artificial intelligence and big data.
"I am looking for Indian startups run by people with integrity and honour, who are building great businesses with unique technologies and going after large markets," said Draper, managing partner at Draper Associates, which will invest in domestic startups from its $190-million fund raised last year.
"Modi is taking steps to root out Indian corruption. I think that will promote integrity throughout the country. Integrity promotes growth and confidence," Draper said in an email interview, explaining his timing for resuming series-A investments in Indian firms.
The venture capital firm plans to invest in about 30 startups globally from its new fund. It did not specify how many of these would be Indian startups.
Draper's renewed interest in Indian startups comes almost a year after Draper Fisher Jurvetson, another venture capital firm founded by Draper, sold its entire Indian portfolio to Hong Kong-based NewQuest Capital Partners, after having shut its India office in 2013.
"Blume Ventures will be our primary co-investor, but we are open to opportunities to work with most local VCs," Draper said.
Draper recently signed up as an investor in venture capital firm Blume Ventures, and Blume has struck a partnership with Draper Venture Network, a global network of venture ca pital firms, to open investment and networking opportunities for the fund and its portfolio.
His reason: Prime Minister Narendra Modi's anti-corruption drive.
The American venture investor plans to write cheques of about $1 million each, on average, for Indian startups working in areas such as Bitcoin, Blockchain, artificial intelligence and big data.
"I am looking for Indian startups run by people with integrity and honour, who are building great businesses with unique technologies and going after large markets," said Draper, managing partner at Draper Associates, which will invest in domestic startups from its $190-million fund raised last year.
"Modi is taking steps to root out Indian corruption. I think that will promote integrity throughout the country. Integrity promotes growth and confidence," Draper said in an email interview, explaining his timing for resuming series-A investments in Indian firms.
The venture capital firm plans to invest in about 30 startups globally from its new fund. It did not specify how many of these would be Indian startups.
Draper's renewed interest in Indian startups comes almost a year after Draper Fisher Jurvetson, another venture capital firm founded by Draper, sold its entire Indian portfolio to Hong Kong-based NewQuest Capital Partners, after having shut its India office in 2013.
"Blume Ventures will be our primary co-investor, but we are open to opportunities to work with most local VCs," Draper said.
Draper recently signed up as an investor in venture capital firm Blume Ventures, and Blume has struck a partnership with Draper Venture Network, a global network of venture ca pital firms, to open investment and networking opportunities for the fund and its portfolio.
