Dallas Venture Partners (DVP) has announced its plans to fund startups in India, with a focus on early and growth stage companies that operate in the cloud infrastructure, artificial intelligence/machine learning, mobile and emerging technologies sectors.
Serial entrepreneur Dayakar Puskoor will serve as DVP’s managing director, while former Wipro CEO Abidali Neemuchwala will join as a venture partner, the firm said in a virtual press meet.
The venture capital firm said it looks to tap into the opportunities that the burgeoning technology ecosystem in India provides overseas investors. It looks to aid B2B startups in the country, invest $300-500 million and create an enterprise value of $7-10 billion in ten years. In each emerging technology startup, DVP will infuse $2-10 million in both early and growth stages, it said.
“A majority of startups require a ‘second act’ during their growth stage. With deep technology expertise, industry knowledge, and market understanding, DVP will provide this much needed momentum to startups identified through targeted and insightful diligence efforts,” Puskoor said.
The latest launch is a reboot of Naya Ventures, a Dallas, Texas-based venture capital firm that has invested in 21 companies and has generated five exits to date, with a combined portfolio enterprise value of more than $1 billion.
The firm aims to provide extensive support to its portfolio companies through co-investments from Silicon Valley investors, participation in incubator and accelerator programmes, as well as networking opportunities at industry and business conferences.
“Dallas Venture Partners will build on Puskoor’s vision of bringing the Silicon Valley spirit to Dallas and I am excited to begin this journey to play my part in nurturing innovation, mentoring startups, and celebrating entrepreneurship,” Neemuchwala said.
“Abid has been a statesman of the IT services industry and a thought leader advising global CXO’s on digital transformation. His rich experience in business and technology, and extensive network, will benefit the startup ecosystem worldwide,” Puskoor said.