IndiaCo receives funding from World Bank

IndiaCo, a private equity investment firm that supports technology-based ventures in software, biotech, nanotechnology and energy sectors, has announced that it has received final approval of grant funding for a $8,00,000-programme to improve and enhance the performance of its incubation and innovation centre in Pune under the infoDev Programme of the World Bank.

The two-year programme will allow IndiaCo to strengthen its existing operations, further develop its national and international network, improve infrastructure and facilities at its innovation centre in Pune.

The World Bank through its infoDev Programme will contribute $4,00,000 in cash, while IndiaCo will invest the remainder.

"We were very impressed by IndiaCo's model of developing early stage technology companies — their focus on innovation and the development of a cooperative ecosystem of such enterprises in India was unique and has been successful. I am confident that with the support of the World Bank, and its global network, that the IndiaCo experiment will move to the next level" said Vivek Chaudhry, programme manager, infoDev, World Bank.

IndiaCo has also received support from the Maharashtra government and a host of other government initiatives. "IndiaCo has been self sustaining and has been completely internally funded to date. We are glad that IndiaCo is in the state of Maharashtra," said V Dhumal, secretary — industries, government of Maharashtra.

"This is first time that an Indian private equity firm has received international support directly from the World Bank to fortify its task; we welcome this support from the World Bank, as this only reinforces our commitment to the processes and practices we have followed to date" said Rahul Patwardhan, president and CEO, IndiaCo.