Bessemer Venture Partners names technology veteran Devesh Garg as managing director in India
17 Oct 2007
Garg has moved from California to join the existing nine-person Mumbai-based investment team.
A technology sector veteran, Garg joined Bessemer in 2003 as an operating partner, advising Bessemer''s portfolio companies, and most recently served as founding CEO for the Bessemer funded multi-core semiconductor start-up, Tilera.
Prior to joining Bessemer Garg was general manager of the ''security business unit'' at Broadcom, where as part of the pre-IPO team, he led his division to $450 million in annual revenues. During Mr. Garg''s tenure, Broadcom grew from a start-up to total revenues of $1 billion and today has a market capitalization of approximately $20 billion.
In
June, Bessemer closed its latest $1 billion global fund with $350 million earmarked
for investments in India. Bessemer initiated its India practice in 2003 and has
since invested in 17 Indian companies including Mumbai-headquartered brokerage
firm Motilal Oswal; Sarovar Hotels, the operator of 27 hotels across India under
the Park Plaza and Hometel brands; and air conditioning maker Lloyd Electric &
Engineering.