Bessemer adds to India team

Devesh Garg joins the venture capital firm which recently raised $350 million in India-focused funding.
Venture capital firm Bessemer Venture Partners has appointed Devesh Garg managing director for India, to be based in Mumbai. Garg has been with Bessemer since 2003 as an operating partner and was most recently CEO of Bessemer-funded semiconductor start-up Tilera.

Garg joins five other Bessemer partners with a focus on investing in India. These include: Anil Sarin who was the co-head of equities at Prudential ICICI Asset Management; Sridar Iyengar who was chairman and CEO of KPMG India; and Yagnesh Sanghrajka who worked with the Hinduja group in its technology, media and telecommunications business.

Before joining Bessemer, Garg was general manager of the security business unit at Broadcom and worked with the firm to grow its business from a start-up to total revenues of $1 billion.

In June, Bessemer closed its latest $1 billion global fund, Bessemer Venture Partners VII, with $350 million earmarked for investments in India. The fund will invest in high-growth companies across industries and geographies. India is a focus market for Bessemer and the fund has termed the opportunity in India today akin to that in the Silicon Valley in the 1970s where Bessemer cut its teeth.

Since it opened shop in India in 2003, Bessemer has invested in 17 Indian companies including: Motilal Oswal, a diversified financial services group; Sarovar Hotels which operates 27 hotels under the Park Plaza and Hometel brands; and Lloyd Electric & Engineering, a manufacturer of components for air conditioning and refrigeration equipment. Bessemer's investments are typically between $3 million-$25 million in size.

Some of BessemerÆs high profile exits over the last few years include the sale of: Postini to Google, Skype to eBay, Flarion Technologies to Qualcomm, and SiteAdvisor to McAfee. It has also IPOed Mellanox, Sirtris Pharmaceuticals, Blue Nile and VistaCare.
¬ Haymarket Media Limited. All rights reserved.
Share our publication on social media
Share our publication on social media