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Global Reach Bay Area Venture Capital Firms Active in India (Partial List) Accel Partners Battery Ventures Bessemer Venture Partners Blueprint Ventures LLC Burrill & Company BVP Canaan Partners Clearstone Venture Partners Doll Capital Management Diamondhead Ventures Draper Fisher Jurvetson (ePlanet) Evolvence India Life Science Fund Gabriel Venture Partners Global Catalyst Partners Globescan Capital Partners Granite Ventures LLC IDG Ventures Infinity Capital Ventures Intel Capital Inventus Khosla Ventures Kleiner Perkins Caufield & Byers Lighthouse Capital Partners Lightspeed Venture Partners Matrix Partners Mayfield Ventures New Enterprise Associates NewPath Ventures LLC Nexus India Management LLP Norwest Venture Partners Oak Investment Partners Outlook Ventures Sequoia Capital Sevin Rosen Funds Shah Capital Partners Sherpalo Ventures Sierra Ventures Storm Ventures Technology Crossover Ventures TeleSoft Partners Trident Capital Venrock Velocity Interactive Group Walden International Warburg Pincus Westbridge Capital Partners Woodside Fund Indian Investors Arrive in the Bay Area Indian companies acquired six U.S. firms in 2003, according to research by Mergermarket, Ltd. and Virus Global Partners. By 2007, the number had risen to 93. Earlier sections of this report mention past deals, from industrial acquisitions facilitated by Bay Area law firms, to Taj Hotels’ purchase of San Francisco’s Campton Place Hotel, to specialized IT services acquisitions by the major Indian companies like Infosys and Wipro. Other transactions include: • the acquisition of Mendocino Brewing Company, the producer of Red Tail Ale, by United Breweries of America, the U.S. affiliate of Vijay Mallya’s United Breweries Group, in 1997; • Patni Computer Systems’ 2004 $68 million purchase of Cymbal Corp., a Fremont telecom IT services firm founded by Indian entrepreneurs; 240
M&A, Venture Capital, and Private Equity: A Thriving Investment Climate • Indian BPO holding company e4E Group’s 2005 acquisition of Santa Clara enterprise applications management BPO iCelerate; • Mahindra & Mahindra’s 2004 acquisition of Milpitas business process and technology consulting company Bristlecone; and • Mumbai IT services and consulting firm Larsen & Toubro Infotech. Ltd.’s 2006 purchase of GDA Technologies, Inc., a San Jose end-to-end semiconductor designer. Arun Kumar, a partner in global accounting and tax firm KPMG’s India practice, values the 93 acquisition transactions at some $8 billion, dominated by large deals that were primarily but not entirely in IT. He sees an emerging two-way U.S.-India investment corridor forming, with investors on both ends seeking markets and talent. KPMG and competing firms provide M&A due diligence, tax and regulatory strategy consulting, and audit services to U.S. and Indian parties. Reflecting on the emerging cross-border model, Kumar sees particular opportunities in the automotive and telecom sectors. He also sees new markets in India in areas such as medicine, water treatment and delivery, and environmental technologies and processes. In India, Kumar says, “business and government are more conscious of opportunities to do social good and provide services to people at the bottom of the pyramid.” He expects a clean division of labor—with efficient back-end processes, proximity to emerging markets, and access to talent coming from India, and with innovation, management expertise, and capital coming from the Bay Area—to remain in place for some time. Knowledge Investment Ajoy Mallik, global head of venture capital for Tata Consultancy Services (TCS), sees investment in a different way: he envisions a future of ad hoc global innovation clusters that bring the best specialized talent to a project or enterprise, collaborate as long as needed, and then reform in new groupings tailored to solve the next problem or bring the next product to market. Launched in early 2006, the TCS Co-Innovation Network (COIN) is an ecosystem of universities, entrepreneurial startups, venture investors, and strategic partners linked to and providing specialized knowledge and support to the worldwide network of TCS Innovation Labs. “Our focus,” Mallik says, “is on how to bring the right set of innovation assets across the globe to solve problems for clients. What we love is to hear CIOs say that they want TCS to handle all of their ITrelated infrastructure—that they don’t want to deal with forty startups and twenty outsourced tech vendors. The question is who does Pfizer feel comfortable outsourcing all of its IT to.” COIN has taken on more than 20 strategic partners, out of more than 800 considered. A sizable share come from the Bay Area, including Stanford University, Intel Corp., Hewlett-Packard, Cisco Systems, Sun Microsystems, VC firms Kleiner Perkins and Sequoia Capital, and three startups— San Jose developer of cloud computing software for data systems Cassat, Brisbane distributed 241
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The Bay Area Council Economic Insti
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Bay Area Council Economic Institute
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Acknowledgements This report was co
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Nanocity: A Sustainable Urban Visio
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Global Reach Tech Immigration Explo
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Global Reach Import numbers reflect
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Global Reach 1992 by a group of Ind
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Global Reach This is occurring even
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Global Reach Venture firms from the
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Global Reach Leaving more “secure
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Global Reach region’s Indian comm
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Global Reach Which model—the Chin
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Global Reach new workers annually a
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Global Reach exclusive wholesale su
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Global Reach suits and protests. Bl
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Global Reach Farmers and Laborers G
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Global Reach shuttle program and co
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Global Reach A Broad Cultural Bridg
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Global Reach president of the Inter
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Global Reach Reflecting the Bay Are
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Global Reach Chapters multiplied wo
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Global Reach Padala has been active
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Global Reach An ITT Graduate, Raj J
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Global Reach At the height of the t
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Global Reach Currently, ISB’s one
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Global Reach Back in the Bay Area,
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Global Reach • identify, prioriti
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Global Reach spectively. As with mo
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50 Global Reach
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Global Reach in California on tuiti
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Global Reach • The Gobhind Behari
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Global Reach initiatives, among the
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Global Reach Davis faculty and scho
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Global Reach Discussions between UC
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Global Reach • the Satyajit Ray F
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Global Reach A. Privett, S.J, and a
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Global Reach PanIIT, an umbrella or
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Global Reach by a state-owned phone
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Global Reach Top export cargoes mov
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Global Reach At the same time, Indi
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Global Reach California almond expo
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Global Reach The 2007 high in expor
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Global Reach for Chennai, which is
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Global Reach through franchising ag
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Global Reach In those eight sectors
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Global Reach In 1993, as an alterna
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Global Reach convenience); as of ea
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Global Reach Only three Indian bank
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Global Reach B: Legal Services Key
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Global Reach Market Opening Under t
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Global Reach management track recor
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Global Reach Ropers Majeski Kohn &
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Global Reach ever commercial disput
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Global Reach yond the 15% it held.
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Global Reach C: Semiconductors “W
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Global Reach A long-awaited package
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Global Reach • Intel, Tata Consul
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Global Reach and AMD’s Geode proc
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Global Reach The Cadence Design Con
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Global Reach customers—Broadcom,
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Global Reach D: Software/IT Service
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Global Reach India’s large indust
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Global Reach The Bay Area exerted a
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Global Reach IDC India forecasts 16
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Global Reach • A 15% appreciation
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Global Reach Faced with rising cost
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Global Reach assistance. The added
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Global Reach • billing, energy au
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Global Reach next-generation call r
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Global Reach with corporate machine
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Global Reach analysis for the finan
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Global Reach Tapping the Universiti
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Global Reach Finding New Niches Gup
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Global Reach As noted elsewhere in
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Global Reach applications, and then
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Global Reach Bumpy California Roads
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Global Reach global IT services and
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Global Reach It’s a long way from
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Global Reach can only be done by U.
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Global Reach Nayar accepted the pos
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Global Reach Besides Cisco, Autodes
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Global Reach claims from the curren
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Global Reach A major casualty of th
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Global Reach India has, to a degree
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Global Reach ditches and railroad t
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Global Reach involving more than 25
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Global Reach Global credit tighteni
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Global Reach support, there has bee
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Global Reach With funding support f
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Global Reach new promise for e-comm
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Global Reach Nanocity is now in the
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Global Reach • The number of cars
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Global Reach global majors is minim
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Global Reach Given land acquisition
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Global Reach install 14 biomass pro
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Global Reach The Ministry of Power
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Global Reach and operates an import
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Global Reach sensors to adjust cool
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Page 206 and 207: Global Reach In August 2008, the Te
Page 208 and 209: Global Reach • optical character
Page 210 and 211: Global Reach problems and over time
Page 212 and 213: Global Reach The R&D center opened
Page 214 and 215: Global Reach In 1997, two of Apple
Page 216 and 217: Global Reach Also in 2007, it intro
Page 218 and 219: Global Reach 2007, more than 150,00
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Page 222 and 223: Global Reach • a growing use of I
Page 224 and 225: Global Reach Howard Robin and COO B
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Page 232 and 233: Global Reach One important example
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Page 240 and 241: Global Reach Silicon Spice, Dham ha
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Page 246 and 247: Global Reach In 2003, Kleiner Perki
Page 250 and 251: Global Reach computing software dev
Page 252 and 253: Global Reach In recent years, the c
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Page 258 and 259: Global Reach Dr. Douglas Crawford C
Page 260 and 261: Global Reach Dr. Satish Kumar Inter
Page 262 and 263: Global Reach Dr. Leena Srivatsava T
Page 264 and 265: Global Reach Chen, Andrew and Jenni
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Page 268 and 269: Global Reach 4. Indian Students: In
Page 270 and 271: Global Reach Sheth, Niraj. “India
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Page 282 and 283: Global Reach Reddy, Ch. Prasanth.
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Page 290 and 291: Global Reach Hari, P. “Sorting Yo
Page 292 and 293: Global Reach “Sutures India Recei
Page 294 and 295: Global Reach cMango, 147 Cost Plus
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