“The proposed fund would be in the range of $100-$150M, “Mr.Mohanjit Jolly, Executive Director, DFJ told Business Line on the sidelines of Carbon Forum Asia 2010 in Singapore last week.
DFJ which invests in early to mid-stage companies, would earmark about a fourth of its India-specific fund to invest in clean technology companies. DFJ, which has a total portfolio of 20 investments in India, recently exited from Reva Electric, which was acquired by Mahindra and Mahindra. The VC firm has so far made some five investments in clean tech in Indian companies including Husk Power Systems, Deeya Energy, D.light Design, Attero Recycling among others.
“The India story has been pretty strong – growing from an experiment to reality. Our Limited Partners (those who invest in a fund) are bullish on the India story. Moreover, with the recent exit, we have completed a full cycle in India,” Mr Jolly said.
Further, Mr Jolly said the company was currently evaluating two more proposals in the clean tech segment. In the current $350-million fund raised in July, DFJ has earmarked about $50 million to invest in the Indian market in the next two to three years, Mr Jolly added.