GIVCA merges with IVCA to create consolidated Industry Voice

Luis Miranda, president, IDFC and Sumir Chadha, MD, Sequioa Capital take over as co-chair

New Delhi, February 22, 2010: Indian Venture Capital Association (IVCA), India's apex associaton for the Private Equity and Venture Capital industry, announced the merger of Global India Venture Capital Association (GIVCA), formerly known as  US-India Venture Capital Association (US-IVCA) with itself creating the largest representative body for promoting the interests of the industry in India.

Announcing this, Mr Mahendra Swarup, President, India Venture Capital Association, said, “This move will not only go a long way in creating a consolidated approach for the industry in India, it will also enable us to position India as the FDI destination for global investors.”

As part of the move, Mr. Luis Miranda, President, IDFC Private Equity, and vice-charman, IVCA will take over as Co-chairman alongwith Mr. Sumir Chadha, co-founder and Chairman, GIVCA, and Managing Director, Sequoia Capital India, added Mr. Swarup.

The merger will see the inclusion of leading US and India firms such as Sequoia Capital, Canaan Partners, Clearstone Venture Partners, NEA-Indo US Ventures, Lightspeed Ventures, IDG Ventures, Battery Ventures, Nexus India Capital, Helion Ventures and SVB Global in addition to the wide and diverse range of VC/ PE firms which make IVCA the apex organisation representing the industry.

About IVCA

Indian Venture Capital and Private Equity Association (IVCA) is a member based national organization that represents venture capital and private equity firms, promotes the industry within India and throughout the world and encourages investment in high growth companies.

IVCA members comprise venture capital firms, institutional investors, banks, incubators, angel groups, corporate advisors, accountants, lawyers, government bodies, academic institutions and other service providers to the venture capital and private equity industry.

Members represent most of the active venture capital and private equity firms in India. These firms provide capital for seed ventures, early stage companies, later stage expansion, and growth finance for management buyouts/buy-ins of established companies.

http://www.indiavca.org/