1

Study of 3 Venture Capital Finance

Companies functioning in India

By Group E

E.Sai Tarun

K.Subrahmanya Sarma

R.Surya Sneha

B.Divya

M.Santhosh Kumar

Vengal Rao
 2

Contents:

S.No. Titles Pg.No.

1 Introduction 3-4
2 Objectives 5
3 Methodology 6
4 Conceptual Framework 7-9
5 Study of 3 Venture Capital 10-27
Firms
6 Conclusion 28
7 Bibliography 29

Introduction
 3

Venture capital (VC) is a type of private equity, a form of financing that is provided by
firms or funds to small, early stage, emerging funds that are deemed to have high growth
potential, or which have demonstrated high growth (in terms of number of employees, annual
revenue, or both). Venture capital firms or funds invest in these early-stage companies in
exchange for equity, or an ownership stake, in the companies they invest in. Venture
capitalists take on the risk of financing risky start-ups in the hopes that some of the firms they
support will become successful. The start-ups are usually based on an innovative technology
or business model and they are usually from the high technology industries, such as
information technology, clean technology or biotechnology.

In India, a revolution is ushering in a new economy, wherein major investment are being
made in the knowledge based industry with substantially low investments in land, building,
plant and machinery. The asset/ collateral-backed lending instruments adopted for the hard
core manufacturing industries are providing to be inadequate for the knowledge based
industries that often start with just idea. The only way to finance such industries is through
venture capital. Venture capital is instrumental in bringing about industrial development, for
it exploits the vast and untapped potentialities and promotes the growth of the knowledge
based industries worldwide.

In India too, it has become popular in different parts of the country. Thus the role of venture
capitalist is very crucial, different, and distinguishable to the role of traditional finance as it
deals with others money. In view of the globalization venture capital has turned out to be a
boon to both business and industry.

Venture Capital is a growing business of recent origin in the area of industrial financing in
India. The various financial institution set-ups in India to promote industries have done
commendable work. However, these institutions do not come up to benefit risky ventures
when they are undertaken by new or relatively unknown entrepreneurs. They contend to give
debt finance, mostly in the form of term loans to the promoters and their functioning has been
more akin to that of commercial banks.

Starting and growing a business always require capital. There are a number of alternative
methods of fund growth. These include the owner or proprietors own capital, arranging debt
finance or seeking an equity partner, as is the case with private equity and venture capital.

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
 4

within India and throughout the world and encourages investment in high growth companies.
IVCA member 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
 5

Objectives
 To understand the concept of venture capital.
 To study venture capital industry in India.
 To study 3 venture capital finance firms functioning in India
 6

Methodology
The present study is done based on secondary data collected from company websites, journals
and articles related to venture capital. The study research is based on venture capital firms
functioning in India.
 7

Conceptual Framework of Venture Capital

The term Venture Capital comprises of two words. That is, “Venture” and “Capital”.
“Venture” is a course of processing the outcome of which is uncertain but to which is
attended the risk or danger of “Loss”. “Capital” means resources to start an enterprise. To
connote the risk and adventure of such a fund, the generic name Venture Capital was coined.

Venture Capital is considered as financing of high and new technology based enterprises. It is
said that Venture Capital involves investment in new or relatively untried technology,
initiated by relatively new and professionally or technically qualified entrepreneurs with
inadequate funds. The conventional financiers, unlike Venture Capitals mainly finance
proven technologies and established markets. However, high technology need not be
prerequisite for venture capital.

Venture Capital has also been described as ‘unsecured risk financing’. The relatively high
risk of venture capital is compensated by the possibility of high return usually through
substantial capital gains in term. Venture capital in broader sense is not solely an injection of
funds into a new firm, it is also an input of skills needed to set up the firm, design its
marketing strategy, organise and manage it. Thus it is a long term association with successive
stages of company’s development under highly risky investment condition with distinctive
type of financing appropriate to each stage of development. Investors join the entrepreneurs
as co-partners and support the project with finance and business skill to exploit the market
opportunities.

Venture Capital is not a passive finance. It may be at any stage of business/production cycle,
that is, start-up, expansion or to improve a product or process, which are associated with both
risk and reward. The Venture Capital gains through appreciation in the value of such
investment when the new technology succeeds. Thus the primary return sought by the
investor is essentially capital gain rather than steady interest income or dividend yield.

The most flexible Definition of Venture Capital is:

“The support by investors of entrepreneurial talent with finance and business skills to
exploit market opportunities and thus obtain capital gains.”

Venture Capital commonly describes not only the provision of start up finance or ‘seed corn’
capital but also development capital for later stages of business. A long term commitment of
 8

funds is involved in the form of equity investments, with the aim of eventual capital gains
rather than income and active involvement in the management of customer’s business.

Features of Venture Capital:

 High Risk
 High Tech
 Equity Participation & Capital Gains
 Participation In Management
 Length Of Investment
 Illiquid Investment

Stages in Venture Capital:

The requirements of funds vary with the life cycle stage of the enterprise. Even before a
business plan is prepared the entrepreneur invests hid time and resources in surveying the
market, finding and understanding the target customers and their needs. At the seed stage the
entrepreneur continue to find the venture with his own fund or family needs. At this stage the
fund are needed to solicit the consultant’s services in formulation of business plans, meeting
potential customers and technology partners. Next the funds would be required for
development of the product process and producing prototypes, hiring key people and building
up the managerial team. This is followed by funds for assembling the manufacturing and
marketing facilities in that order. Family the funds are needed to expand the business and
attaint the critical mass for profit generation. Ventures capitalists cater to the needs of the
entrepreneurs at different stages of their enterprises. Depending upon the stage they finance,
venture capitalists are called angel investors, venture capitalist or private equity supplier
investor.

Venture capital was started as early as stage financing of relatively small but rapidly growing
companies. However various reasons forced venture capitalists to be more and more involved
in expansion financing to support the development of existing portfolio companies. With
increasing demand of capital from newer business, venture capitalists began to operate across
a broader spectrum of investment interest. This diversity of opportunities enabled venture
capitalists to balance their activities in term of time involvement, risk acceptance and reward
potential, while providing ongoing assistance to developing assistance to developing
business.
 9

Different venture capital firms have different attributes and aptitudes for different types of
venture capital investments. Hence there are different stages of entry for different venture
capitalists and they can identify and differentiate between types of venture capital
investments, each appropriate for the given stage of the investee company, these are:

1. Early Stage Finance:

 Seed capital
 Startup capital
 Early/First stage capital
 Later/Third stage capital
2. Later Stage Finance:
 Expansion/ development stage capital
 Replacement Finance
 Management Buy Out and Buy Ins
 Turnarounds
 Mezzanine/Bridge Finance

Investment Process of Venture Capital:

Venture capital investment process is different from normal project financing. In order to
understand the investments process a review of the available literature on venture capital
finance is carried out. Tyebjee and Bruno in 1984 gave model of venture capital investment
activity with some variations is commonly used presently. As per this model this activity is a
five step process as follows:

1. Deal organization
2. Screening
3. Evaluation or due diligence
4. Deal structuring
5. Post investment Activity and Exist
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Study of 3 Venture Capital Finance Companies

functioning in India
Blume Ventures:

We are a seed-stage venture fund that backs start-ups with both funding as well as active
mentoring and support. Our journey began in 2010 with our founding partners having met
and being active in one of India’s first institutional angel networks, the Mumbai Angels.
Currently on our second Fund, we back start-ups through multiple rounds including seed,
angel and pre Series A, leading up to follow-on institutional rounds from larger reputed VCs.
We have almost consistently been the most active early stage Indian VC since 2011, funding
more than 20 companies per year. Our portfolio consists of more than 60 active companies
and we count over 120 high-potential founders.

Blume Philosophy:

Blume is one of India’s leading tech-focused early stage VCs. We like to work with founders
who are pathologically obsessed about solving problems that impact large markets. As one
quote goes – “ideas are passé, one simply needs to invest in great people – the rewards will
come”. Our strategy is to be ahead of the wave, to take calculated risks on emerging business
models well before the market has caught the wave. We believe that building capital moats
by themselves are, and will continue to be, an undifferentiated winning strategy. In the eyes
of founders, we’re seeing that the breadth and depth of our team, our rich ecosystem, and our
platform approach are their raison d’être for partnering with Blume.

Blume Team:

Arpit Agarwal – Principal

Ashish Fafadia – CFO

Avanthika Vohra – Principal

Dhanasree Molugu – Analyst

Karthik Reddy – Managing Director

Rohan Paranjpey – Principal

 11

Sajid Fazalbhoy – Principal

Sanjay Nath – Managing Partner

Blume Community:
 12

Blume Investment Structure:

Provides seed funding investments between $0.05Mn- $0.3Mn in seed stage. Also provides
follow on investment to portfolio companies ranging from $0.5 Mn to $1.5 Mn

Industries:

Mobile Applications, Tele communications equipment, Data Infrastructure, Internet and software
sectors, consumer internet, media research and development.

Start-up funded:

 Accio
 Beato
 Belong
 Bhive
 Carbon Clean Solutions
 Cashify
 Covacsis
 Dataweave
 Dunzo
 E2E Networks
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 Exotel
 Explara
 Factor Daily
 Fastfox
 Flipclass
 Frapp
 Gift Cards India
 Glamrs
 Greyorange Robotics
 Greythr
 Hachi
 Hashcube
 Healthifyme
 Hotelogix
 Hybrent
 Idfy
 Infollion
 Instamojo
 Intouch App
 Iservice
 Kaleidofin
 Kuliza
 Lbb
 Locus
 M.Paani
 Mechmocha
 Mettl
 Milkbasket
 Mobstac
 Monkeybox
 Nowfloats
 Oheyo
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 Opentalk
 Patchus
 Pescafresh
 Pitstop
 Printo
 Purplle
 Qyuki
 Railyatri
 Redquanta
 Rizort
 Rocketium
 Rolocule
 Routematic
 Servify
 Shantani
 Shephertz
 Skillenza
 Slicepay
 Smallcase
 Sminq
 Snapbizz
 Spinny
 Squad
 Stellapps
 Survelytics
 Systemantics
 Thb
 The Wedding Brigade
 Threadsol
 Tookitaki
 Tricog
 Tripvillas
 15

 Turtlemint
 Unacademy
 Unocoin
 Vokal
 Webengage
 Yulu
 Zenatix
 Zopper

Nexus Venture Partners:

We invest early in the life of the company; mostly, we are the first institutional investor. Our
investment size ranges from USD 500K to 10 million in early-growth stage companies.

We like to participate in follow-on investments at later stages for companies that successfully
execute their business plans. We prefer to take a board seat in the companies and are active in
supporting our entrepreneurs, but we do not seek to control or manage the company we invest
in.

We are the go-to thought partners for our entrepreneurs. We operate as one team, one firm.
Our companies have access to the entire Nexus team in Silicon Valley and India for strategic
guidance, team-building, and opening doors to potential customers and partners.

Nexus Venture partner with exceptional entrepreneurs in the US and India. Our team
comprises ex-entrepreneurs who are strong “bottom-up” thinkers and “sleeves rolled up”
operators. With decades of experience in building and funding globally leading companies,
we manage USD 1.2 billion across funds. Our footprint in world’s two leading markets
positions us uniquely with global insights and ability to serve entrepreneurs.

Nexus Venture Partners invest in

 Passionate and driven entrepreneurs.

 Capital efficient business models.
 Large existing or potential market opportunities.
 Innovation that addresses a defined customer pain point.
 Clear differentiation.
 Companies that can be standalone businesses.
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Key people:

Abhishek Sharma
Anup Gupta
Ashray Iyengar
Jishnu Bhattacharjee
Naren Gupta
Pratik Poddar
Punnet Kumar
Ram Gupta
Sameer Brij verma
Sandeep singhal
Suvir Sujan

Investment Structure:

Invests between $0.5Mn and $10 Mn early growth stage companies. Also, makes investments
up to $0.5 Mn in their seed program.

Industries:

Mobile, Data Security, Big Data Analytics, Infrastructure, Cloud, Storage, Internet, Rural
Sector, Outsourced Services, Agribusiness, Energy, Media, Consumer and Business Services,
Technology.

Startups Funded:

 Arkin
 Aryaka
 Astrid
 Biz2Credit
 Blueshift
 Cloud.com
 Clover
 Craftsvilla
 Cricket Health
 Datagres
 Delhivery
 Dividim
 17

 D.light
 Doz
 Druva
 Eka
 Elasticbox
 Eye
 Genwi
 Gitter
 Gluster
 H2O.ai
 Headout
 Hypertrack
 Infinote
 Livehealth
 Mistral
 Olx
 Pubmatic
 Rancher
 Shopclues
 Snapdeal
 Zenprospect
 Zomato

Accel partners:

Accel, formerly known as Accel Partners, is an American venture capital firm. Accel works
with startups in seed, early and growth-stage investments. The company has offices in Palo
Alto, California and San Francisco, California, with additional operating funds in London,
India and China (through a partnership with International Data Group (IDG-Accel)).

Accel has funded technology companies including Facebook, Slack, Dropbox, Atlassian,
Flipkart, Supercell, Spotify, Etsy,Braintree/Venmo, Vox Media, Lynda.com, Qualtrics, DJI,
Cloudera, Jet.com and GoFundMe.

History:

In 1983, Accel was founded by Arthur Patterson and Jim Swartz. The co-founders developed
the firm's "Prepared Mind" investment philosophy based on the Louis Pasteur quote "Chance
 18

favors the prepared mind.", which requires "deep focus" and a disciplined and informed
approach to investing.

In 2000, Accel entered a joint-venture with Kohlberg Kravis Roberts to form Accel-KKR a
technology-focused private equity investment firm focused on control investments in middle-
market companies.

In 2001, Accel opened its London office as a separate fund, to invest in European technology
companies, focusing on Series A and Series B investments. Its European investments include
Avito (acquired by Naspers for $1.2 billion), BlaBlaCar, Deliveroo, Spotify and Supercell
(acquired by Tencent for $8.6 billion), among others.

In addition to Accel's continued investments in early-stage startups from the Accel early stage
fund, the firm announced a $480 million growth fund in December 2008, focused on growth
equity opportunities in information technology, the internet, digital media, mobile,
networking, software, and services.

In March 2016, Accel raised $2 billion, $500 million for an early stage venture fund and $1.5
billion for growth investments. In April 2016, Accel raised a separate $500 million fund for
investments in Europe and Israel. In November 2016, Accel's India arm closed its fifth fund
with $450 million, about two years after closing its fourth fund with $325 million.

Key people:

Mahendran Balachandran

Abhinav Chaturvedi

Anand Daniel

Dinesh katiyar

Shekhar Kirani

Subrata Mitra

Prasanth Prakash

Barath Shankar Subramanian

Prayank swaroop

Radhika Ananth
 19

Saransh Garg

Shruti Ghatge

Prabhakar Reddy

Karan Shah

Kanishk Tyagi

Investment Structure:

Invests between $0.5Mn and $50Mn in its portfolio companies.

Industries:

Accel is a venture capital firm that concentrates on the following technology sectors

 Consumer
 Infrastructure
 Media
 Mobile
 SaaS
 Security
Investments:

Accel works with seed, early and growth-stage investments. Its seed and early stage
investments include Cloudera, Dropbox, Dropcam, Facebook, Flipkart, Jet.com and Slack.
The firm’s growth capital investments focus on more developed companies that require a
larger amount of capital to expand their business.

 Arista Networks: IPO valuation of $2.7 billion in 2014

 Atlassian: IPO valuation of $4.4 billion in 2015
 Avito: acquired by Naspers for $1.2 billion in 2015
 Braintree: acquired by Paypal for $800 million in 2013
 Cloudera: IPO valuation of $2.3 billion in 2017
 Despegar: IPO valuation of $1.97 billion in 2017
 Etsy: IPO valuation of $1.78 billion in 2015
 20

 Facebook: IPO valuation of $104 billion in 2012

 ForeScout: IPO valuation of $935+ million in 2017
 Fusion-io: acquired by Sandisk for $1.1 billion in 2014
 IronPlanet: acquired by Ritchie Bros. for approximately $758.5 million in 2017
 Jet: acquired by Walmart for $3.3 billion in 2016
 Krux: acquired by Salesforce for $700 million in 2016
 Lynda.com: acquired by LinkedIn at a $1.5 billion valuation in 2015
 Legendary Pictures: acquired by Wanda Group for $3.5 billion in 2016
 Rovio: IPO valuation of $1 billion in 2017
 Supercell: acquired by Softbank for $5.5 billion in 2015 and acquired by Tencent for $8.6
billion in 2016
 Trulia: IPO valuation of $448 million and acquired by Zillow for $3.5 billion in 2014

Geographics:

Accel's US fund is headquartered in Palo Alto, California, with offices in San Francisco,
California. Accel's European fund is headquartered in London, England and Accel's India
fund is headquartered in Bangalore, India. In addition to the U.S., Accel has investments
across in France, Germany, Israel, Australia, New Zealand, Brazil, Canada, China, Finland,
India, Switzerland and more.

StartUps:

Facebook:

Mark Zuckerberg launched Facebook from his Harvard dorm room in 2004. The service has
since grown from a college-only social network to a global community. Each day, 1 billion
people use the service to share and find out what’s going on around them. Relatedly,
Facebook has become a top media distribution platform, and is now the second largest video
site in the U.S.

The partnership:

Facebook had barely broken out on a handful of university campuses when it received its
Series A funding from Accel. The firm was active in early team building and recruiting
initiatives, with Jeff Rothschild (an Accel Venture Partner) joining as one of the company’s
 21

earliest engineering leaders. Accel remained on the board through the company’s public
offering in 2012.

Dropbox:

Before Dropbox, moving files around meant painful emails, clumsy thumb drives and above
all, impossible versioning. Together, Drew Houston and Arash Ferdowsi launched Dropbox
to solve the difficult challenge of file syncing across operating systems, while building a
simple user interface so users could be more productive with their data. Today, Dropbox is
used by millions of businesses, and hundreds of millions of people globally.

The partnership:

Accel’s Sameer Gandhi originally seeded Dropbox post-Y Combinator, and co-led
Dropbox’s Series A in 2008 upon joining Accel – he has been active with the board since.
Accel has supported the company through subsequent rounds, and assisted on a variety of
team building and acquisition efforts. Dropbox has raised more than $1 billion to date.

Atlassian:

Software is seeping into every industry imaginable. With its flagship products JIRA and
Confluence, Atlassian laid the foundation for a broad suite of tools that engineering
teams use to manage the software development process – end to end. Today, that suite
has grown to include everything from Git repository management (BitBucket) through
to continuous integration (Bamboo). The company serves more than 40,000
organizations around the world, including Facebook, Cisco, Netflix, NASA, LinkedIn
and more.

The partnership:

Accel led Atlassian’s first-ever funding round in 2010 to support the company’s global
expansion. This helped kickstart Atlassian’s San Francisco operation (now home to almost
half the company) and support and development offices around the world. Today the
company has more than 1,100 employees in eight offices across six countries.

Myfitnesspal:

MyFitnessPal has grown into one of the largest digital health and fitness communities, with
75 million users logging into the company’s iOS and Android applications. Collectively, its
 22

community has logged more than 14.5 billion foods, 364 billion calories burned and 1.2
trillion minutes of exercise. Along the way, the company built a rich dataset on food and
nutrition-related information on a global set of consumer products and restaurants.

The partnership:

After years of being bootstrapped, Accel helped lead MyFitnessPal’s Series A investment in
2013 in support of founders Mike and Albert Lee. Accel worked actively at the board level,
and the company was acquired by Under Armor in 2015.

Slack:

Slack has proven that simple tools – built beautifully – can solve even the most vexing
problems of team communication. Today, its cross-platform chat and notification tools keep
many of the most widely distributed teams in sync. With its marketplace of integrations, users
can pull files and data from a spectrum of third-party services to help enrich dialogue and
workflow. Slack powers collaboration at companies like the New York Times, NASA and
Intuit.

The partnership:

Accel seeded the company in 2009 when it was Tiny Speck, a gaming company building
virtual worlds for teens. In August 2013, Stewart Butterfield and his team pivoted to Slack
based on an operations tool they’d built internally. Accel has been an active supporter
through each round of funding, with Andrew Braccia on the board of directors.

Flipkart:

Flipkart has both introduced and pioneered India’s e-commerce model. Beyond its broad
catalog of goods, the company developed its own national logistics centers and delivery
fleets, insuring a high-quality, end-to-end experience for any shopper. Today, Flipkart has
more than 30 million products available across 70+ categories. The company serves 50
million shoppers annually and is fast becoming the country's premiere mobile commerce
destination.

The partnership:

Accel invested $1 million in Flipkart as its first institutional money in 2009 when the
company was just concepting its initial framework. Today, Flipkart has more than 33,000
employees and has raised more than $3.2 billion to support its expansion efforts.
 23

Qualtrics:

Gathering data on users at scale can be tricky – even for most statisticians. With a statistics
professor for a co-founder, Qualtrics was steeped in the fundamentals from the get-go,
allowing customers to scalably build the customer data sets they needed while having
powerful (and statistically sound!) analysis at their fingertip. Today, Qualtrics is used by
more than 7,000 customers including 99 of the top 100 business schools and every major US
university.

The partnership:

Qualtrics was bootstrapped by brothers Ryan and Jared Smith and father Scott, in Provo,
Utah. Accel led the first outside investment in Qualtrics in May 2012. Accel and has worked
closely with the team at a board level through a number of product and internationalization
efforts. In 2015, Qualtrics raised an additional $170 million to fuel its expansion.

Sunrun:

In 2007, entrepreneurs Lynn Jurich and Ed Fenster founded Sunrun as a residential solar
installer at a time when the solar industry was in its infancy. That year, only 160 megawatts
of solar panels were installed across the U.S. By the end of 2015, the number reached 8,100
megawatts in the U.S. alone. Sunrun’s simple business model was largely responsible, which
enabled companies to install the solar panels for free or at little cost, and then charge a
monthly fee based on the energy produced. The model worked, and by 2015, Sunrun
provided the second largest fleet of residential solar solar energy systems in the U.S.

The partnership:

In 2009, Accel’s Rich Wong joined Sunrun’s board of directors as part of the firm’s Series B
investment, where he remains active today. During the following years, the solar industry
exploded in popularity thanks to technological innovation that lowered costs, and a nation-
wide appetite for clean energy. Residential stood as the fastest-growing segment of the solar
industry, which fueled 70-percent year-over-year growth in 2015. In August 2015, Sunrun
made its public market debut (NASDAQ: $SUN), where it remains a success story in the
global cleantech startup economy.
 24

Lynda.com:

As a long-time web design instructor, Lynda Weinman originally built her site in 1995 as a
way to distribute DVDs of her classes. Today, lynda.com is a highly curated online and
mobile marketplace where subscribers have access to a library of top-quality courses taught
by recognized experts. The company’s content catalogue is used by hundreds of the top
universities, Fortune 500 companies and tens of thousands of individual subscribers around
the world.

The partnership:

Accel led lynda.com’s $103 million Series A in 2012 with Accel’s Andrew Braccia joining
the company’s board of directors. Before Accel’s investment, lynda.com was bootstrapped by
Lynda and her husband, Bruce, for 17 years with no outside investment. Post Accel’s
involvement, the company expanded quickly outside the US, adding coursework in Spanish,
French and German, and into the enterprise, launching a broader slate of general business and
management skills topics. The company was acquired for $1.5 billion by LinkedIn in May
2015.

Supercell:

Based in Helsinki, Finland, Supercell’s landmark game, Clash of Clans, is the highest-
grossing app in iOS and Android app stores globally. The company’s name was based on its
driving philosophy of using small “cells” of highly talented game developers to create, iterate
and test concepts. They followed their anchor hit with Hay Day and Boom Beach, which
today each hold their own positions in the top rankings. Millions of users log in to their
games daily to play with friends.

The partnership:

Accel led Supercell’s Series A investment in 2011 when it was a small, pre-launch game
studio that chose to focus on emerging mobile platforms. Accel has been active at the board
level ever since, and in 2015, Softbank acquired a substantial controlling interest in the
company.

Jet:

Jet was founded with a vision to reinvent retail e-commerce through unbeatable prices and a
maniacal focus on the customer experience. Unlike any other marketplace, its algorithms help
 25

shoppers get the best deals by figuring out how to ship products in a more cost-efficient
manner. Within months of launch, Jet attracted more than 2,400 retailers and partners, and
hundreds of thousands of customers.

The partnership:

Led by Sameer Gandhi, Accel invested in Quidsi/Diapers.com in 2008, a startup co-founded

by Jet CEO Marc Lore, which later sold to Amazon in 2010. While coming up with his next
big idea, Lore again connected with Gandhi, which led to Accel’s Series A investment in Jet
in 2014. In 2016, Wal-Mart acquired the company for $3.3 billion.

Spotify:

Founded by Daniel Ek in Stockholm in June 2006, Spotify is changing the way artists
distribute music, and the way the world listens to it. Early on, the company focused on its all-
you-can-eat subscription, web and mobile players and fun forms of curation to differentiate
its model of universal music access. Today Spotify's service has more than 60 million active
subscribers and 15 million paying users.

The partnership:
 26

Accel significantly participated in Spotify's June 2011 financing and has helped the company
grow into an international business.
27
 28

Conclusion
The Study is about 3 venture capital finance companies functioning in India. Venture
Capitalists in India have notice of newer avenues and regions to expand. VC’s have moved
beyond IT service but are cautious in exploring the right business model, for finding
opportunities that generate better returns for their investors. Therefore Venture Capitalists
responses are upbeat about the attractiveness of the India as a place to do the business.
 29

Bibliography
 http://blume.vc/
 https://www.accel.com/
 https://nexusvp.com/
 http://www.livemint.com
 https://www.scribd.com/
 https://www.bloomberg.com/asia
 https://en.wikipedia.org/wiki/Venture_capital