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2014-01-28

Persistent Systems mulling investment in start-ups in India

Persistent Systems is likely to invest in 2-3 product-based start-ups, including an emerging one in India, over the next two months.

Software services firm Persistent Systems is likely to invest in 2-3 product-based start-ups, including an emerging one in India, over the next two months.

 

The Pune-based firm has started a VC fund, Persistent Venture Fund, an early-stage investment fund focusing on innovation in Social, Mobile, Analytics and Cloud (SMAC).

 

"We are in talks with several start-ups, and this quarter may invest is 2-3 firms, which could include one from India," Persistent Systems Chairman & CEO Anand Deshpande said.

 

The firm has not created any special fund for investments and it is managed from internal resources of the company.

 

Persistent reported a cash and cash equivalent of Rs 594 crore for the period ended December 31, 2013.

 

Deshpande said talks take time and all the aspects, including financial viability and technological future will be considered before investing in start-ups.

 

"We are in initial stages (of talks) with some firms and in advanced with some others, so it is not necessary that the investment materialises during the quarter. The time period can extend. But, we do intend to keep up our effort," he said.

 

On the amount of investments, Deshpande said the maximum funding that the VC fund gives is USD 250,000.

 

"We consider two aspects for selection. First is the technology area of the start-up and its similarity to our interests, and second the customers that it needs to align with our customer eco-system," he added.

 

Persistent Systems CFO Rohit Kamat said the company is usually looking at product development start-ups in the US as the eco-system is very advanced in that country and venture funds do not face problems in investing. 

 

"Ours is a kind of seed fund. We do not participate in the management. In India, we do face some problems in terms of the management bandwidth and the firm's ability in the future to adapt to the technology challenges vis-a-vis the market," he added.

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