Naspers sets a venture capital arm for India

South Africa-based Naspers, a broad-based multinational internet, and media group, offering services in more than 130 countries, has set up a venture capital wing in India. Its principal operations are in e-commerce (i.e. classifieds, online retail, marketplaces, online comparison shopping, payments and online services), video entertainment and print. With a market capitalization of over $66 billion, it is the largest company in Africa and the 7th largest Internet company in the world.

According to reports, Ashutosh Sharma, who has led the India team of Norwest Venture Partners, will head the Indian operations. It has earlier backed many Indian companies including MakeMyTrip, Flipkart, iBibo, OLX and PayU.

Reportedly, the company is planning to support local entrepreneurs and startups in India whereas worldwide they have been backing mid to large size companies. Naspers is likely to fund technology-focused startups in sectors like healthcare, education, and logistics, besides consumer internet and online retail plays. The deal size could vary between US$10 million to US$50 million for a minority stake.

To date, Naspers has invested about US$1.5 billion in total in Indian companies. Naspers increased focus in India in September, when it led one of the largest M&As in Indian fintech history— PayU acquired the India-based Citrus Pay for nearly US$130 million.