IDG Venture Partners Unilever, Amazon to invest in early age start ups
It seems like the venture capital firm IDG Ventures India is stepping into the technology industry. The officials of the IDG ventures India have released a statement that the company is about to join hands along with the Unilever Ventures Ltd., and also with the Amazon Web Services Inc., to initiate the process of entering into the technology industry.
IDG Venture’s Plan
With the whooping investment in between the range of $500,000 to $5 million, the IDG ventures partners with one of its investors and giant in the field of private equity arm of consumer goods Unilever along with the giant in the field of cloud computing Amazon Web Services Inc.
The plan of IDG revealed by the managing director of the IDG Ventures India Mr. Sudhir Sethi is simple as it mainly focused to invest in the start-ups of the nation with the intention of stepping into the consumer technology, health-tech applications, fintech applications and so. This innovative program will kick-start in 2017.
Sorting the potential Startups
On reveling about the startups, the managing director of the IDG ventures reveals that the company has started to sort out the potential startups across the nation on last year itself. In fact, on last year, the IDG Venture invested in around 6 startups which also includes the Little Black Book (Firm on Content Platform) and Flyrobe (Fashion rental firm).
He also added that in this year, IDG ventures expecting around 1000 application from the startups across the nation who are willing to take part in the initiatives. By the month of July 2017, the IDG will make the final decision on sorting the potential Startup firms for their investment and application from the startups can be accepted until the end of the June.