Chinese VC firm Ganesh Ventures will be launching an India-focused fund with backing from Jack Ma, it announced on Tuesday.
Set up by Jessica Wong, former founding partner at Hong Kong-based Cyber Carrier, Ganesh Ventures is, looking to invest US$250 million in startups across sectors like TMT, consumer products, fintech and health-tech over the next 3-5 years.
It has reached the first close of its India fund at US$30 million backed by eWTP Ecosystem Fund – launched by Ma in 2016 to enable SMEs to expand their business worldwide, and Hong Kong-based Landmark Capital, it said in a statement.
The firm will set up offices in Gurgaon, Bengaluru, Hong Kong and Beijing. The team has already started evaluating new projects rather aggressively and intends to close half a dozen deals within this calendar year, it added.
Ganesh Ventures aims to be a bridge for Indian entrepreneurs who want to access the Chinese startup ecosystem and stakeholders, and open the gateway for other investors for larger follow-on capital raises.
The total investment corpus of Ganesh Ventures’ partners is estimated to be in excess of a billion dollars. It has already participated in the further rounds of HappyEasyGo, GigIndia, Indialends and BeYouPlus.
Chinese conglomerate Alibaba too made forays into India by investing in online grocer BigBasket and food tech player Zomato.