Alibaba Group backed technology vehicle eWTP Ecosystem fund has stepped up his aggressive push into India by joining forces with a $250 million Chinese venture capital fund called Ganesh Ventures that will be its strategic investment partner here. Though the initial closing is expected to be $30 million.
Ganesh Ventures will set up offices in Gurgaon, Bengaluru, Hong Kong and Beijing and intends to finalize half a dozen deals this year. “We want to engage not just at the early stage but also at growth stage,” said Jessica Wong, managing partner of Ganesh Ventures.
Named by Wong after the elephant-headed god who is the first to be worshipped at any auspicious event as per Hindu scriptures, Ganesh Ventures will be eWTP’s strategic investment partner in India.
Wong was a founding partner of Hong Kong-based venture capital firm Cyber Carrier, which has invested about $30 million in several Indian startups including KrazyBee, Zoomcar, Indialends, HappyEasyGo, GigIndia, and BeYouPlus.
“We’ve been testing the waters in India for some time and have gained a valuable understanding of the market. The success we have achieved so far with our partners and portfolio strengthens our confidence to engage with more stakeholders and enhance our portfolio,” said Wong to ET in an interview. Ganesh Ventures made its first investment in India in fin-tech firm IndiaLends, originally a portfolio company under the Cyber Carrier fund.
India’s booming market has made it an obvious destination for Chinese investors with several Chinese venture capital funds aggressively counting on the Indian startup ecosystem.