Original Angel returns
He’s one of Silicon Valley’s early Indian tech millionaires and also the one who opened up the path for foreign venture capital in India. Circa 2008, Kanwal Rekhi, who earned his spurs founding Ethernet card company Excelan, has turned his focus back on India as a venture investor. A decade ago, he launched VC firm Infiniti Capital, only to shutter it after he failed to raise a second fund. His new firm is called Inventus and plans to raise around $125-150 million (Rs 537.5-645 crore) and invest in around 15-20 early stage IT companies.
Since he first invested in Indian companies, the entrepreneurial ecosystem has changed considerably— funding is available and greater management depth has been developed over the last decade. “There is a strong flow of Indian-Americans in the start-up arena. It is now unviable to consider a start-up without a sizeable India presence,” says the 63-yearold Rekhi. Inventus’s first investment is expected to be a software product firm, but Rekhi sees opportunities across hardware, software and networking.
While Rekhi may be on the hunt for interesting tech investments, don’t expect him to grab every opportunity that comes along. His key bets are on fresh ideas, untapped (and expanding) market opportunities and on the enthusiasm of the entrepreneur when he decides to invest in a start-up. “Entrepreneurship is a team game; ideally you should have one savvy marketing person complemented by a technology expert,” says Rekhi. He should know. He’s been there and done that.
—Rahul Sachitanand
