IDG Ventures Invests $3.2 Mn In iCreate
IDG Ventures India has invested $3.2 Mn in Series A round of funding in iCreate Software Pvt Ltd. The funds will be utilised to expand its global sales team, marketing and product development.
Mr. T.C. Meenakshisundaram and Mr. Ranjith Menon of IDG ventures will join the company's board of directors.
Bangalore based - iCreate was founded in 2006 by Anup Pai - an engineer from NIT, Surathkal. iCreate provides business intelligence products and services to banks. It clientele includes National Bank of Greece, National Bank of Kuwait and Capitec Bank, South Africa.
iCreate provides an array of products and services covering areas such as reporting, compliance, risk management and fraud detection. iCreate is currently focused on emerging markets in Africa, Middle East and Asia.
IDG Ventures India - founded in 2006 - manages a $150 Mn India focused VC fund. It typically invests $0.5 - $5 Mn in technology and tech-enabled companies. It has invested in 10 Indian and 150 companies globally.
IDG Ventures invested $2 Mn - Mathan Software - provider of business intelligence products and services for the retail segment in 2007. It also participated in the second round of funding in Manthan software. Manthan Software raised about $15 Mn in its second round of funding from IDG,DFG and a couple of other investors.
IDG Ventures' Recent Investments
| Date | Target | Size (In Mn) |
| Nov'09 | Manthan Software Services Pvt Ltd | - |
| Oct'09 | Apalya Technologies Pvt Ltd | - |
| July'08 | Ozone Media Solutions Pvt Ltd | 4 |
| Feb'08 | Aujas Networks Pvt. Ltd | 3 |
The technology domain saw 56 PE/VC investments worth $617 Mn in 2009.
Recent PE/VC Deals in IT and IT-enabled companies
| Date | Investor | Target | Size ($ Mn) |
| Oct'09 | Nexus India Capital Advisors Pvt Ltd | Eka Software Solutions Pvt Ltd | 10.00 |
| Sept'09 | Indiaman Fund (Mauritius) | Redington India Ltd | 15.30 |
| Sept'09 | New Enterprise Associates | RT Outsourcing Services Ltd | 13.48 |
Source: Business Line
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 29/01/10 | iCreate Software - IDG Ventures | Venture Capital | IDG Ventures India Fund | 3.20 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 06/02/12 | M&A | Agni Property Services Private Limited | Looking For | - | Planned |
| 02/02/12 | M&A | Persistent Systems Limited | Location business | - | Completed |
| 31/01/12 | Private Equity | Tiger Global Management LLC | Flipkart Online Services Private Limited | 150.00 | Completed |
| 31/01/12 | M&A | Dell Inc | Looking For | 1007.05 | Planned |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| IDG Ventures India Fund | 150 | BFSI Media IT/ITES/Technology Outsourcing Telecom |
www.idgvcindia.com | Sudhir SethiManik AroraRitesh BanglaniRanjith Menontcm sundaram |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| i - Create Software India Private Limited | # 20, ALFA CENTRE, 1ST FLOOR, VENUGOPAL SWAMY LAYOUT, KORAMANGALA, BANGALORE – 560 047 | Manthan Software Services Private Limited | ||
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