Mayfield Hires Two For New Mumbai Office
VentureWire - June 5, 2007
by Russell Garland

Mayfield Fund, which earlier this year announced its first two investments in India, has opened an office in Mumbai and hired two experienced private-equity investors to man it.

The move sets the stage for the firm to move more aggressively into India, as it has done in China. "You really need an on-the-ground presence," said Mayfield Managing Director Navin Chaddha.

For now, Mayfield will make early- and later-stage investments in India from its $375 million U.S. fund. Chaddha declined to speculate how many deals it might do.

"If there are great opportunities in India, we'll do them and if there are even more, we'll think about alternate structures," he said.

Mayfield's two new members, whose jobs are akin to venture partner in the States, are Nikhil Khattau and Vikram Godse. Khattau was the founding chief executive of SUN F&C Asset Management, one of India's first private-sector asset managers and now part of Principal Financial Group. He also worked for Ernst & Young in London and New York, advising mid-market buyout companies.

Godse was a founder of JM Financial Investment Managers Ltd., an Indian multi-sector private equity fund. Before that he worked in India for the investment unit of Cisco Systems Inc. and for Infinity Venture Capital, one of India's first venture firms.

Chaddha and Managing Director Robin Vasan, both based in Mayfield's Menlo Park, Calif., headquarters, are leading the firm's India initiative. Chaddha said Mayfield will look for investment opportunities not only in technology but also in basic industries such as electric power.

Mayfield's first two India investments were in telecom equipment maker Tejas Networks India Ltd. and Seedfund, a $15 million seed-stage venture fund. Chaddha said Mayfield would consider backing Seedfund companies when they are ready for first rounds.

Earlier this year, Mayfield became a general partner in its Chinese affiliate, GSR Ventures, when GSR closed its second early-stage technology fund at $200 million.