Unilever Ventures invests $10mn in IDG Ventures India Fund
Unilever has invested $10mn in the IDG Ventures India Fund.
Unilever Ventures is based in Mumbai and is the venture capital and private equity segment of Unilever.
According to a Unilever spokesperson, “The company helps early and growth-stage start-ups receive equity investment and operational support from Unilever. Unilever Ventures is evaluating start-ups as part of the Innovation programme and even otherwise for direct investments.”
The IDG Ventures India Fund will invest in consumer tech, innovation and digital start-ups. IDG Ventures is India’s leading technology venture capital funds advisor, overseeing three funds under the IDG Ventures banner, and three domestic funds which include Pandara Trust, Chiratae Trust and Technology Venture Fund. It manages around $450mn altogether across about 70 investee companies.
In June, IDG Ventures announced a partnership with Unilever Ventures and Amazon Internet Services, under its 2017 innovation programme, IDGVI.
The initiative as a whole will help the company invest in start-ups across consumer technology, software, health technology and fintech.
The company is trying to remain “relevant” in a competitive technology market.
Hindustan Unilever launches its global initiative Unilever Foundry in India in October 2015, to help entrepreneurs and start-up enterprises by providing mentoring and funds.