WALTHAM, Mass.–(BUSINESS WIRE)–June 23, 2003–Although venture capital received by Asian-Indian founded companies in the United States dropped by $700 million in 2002, they still managed to raisean impressive $1 billion.<\/p>\n
U.S.-based Indus companies collected $1.02 billion in 2002 as compared with $1.7 billion in 2001, according to the Third Annual Survey by the IndUS Business Journal, which covers Asian-Indian businesses across the United States. The newspaper is published by Waltham, Mass.-based diversified media firm The Mishra Group Inc. The list of venture capital recipients is published in the June 2003 issue of the IndUS Business Journal.<\/p>\n
“By any standard, our numbers are extremely conservative,” said Upendra Mishra, Managing Partner of The Mishra Group and publisher of IndUS Business Journal. “Given the overall drop in the venture capital market, Asian-Indian entrepreneurs did extremely well.”<\/p>\n
Their share of the overall venture capital distributed in the United States rose by nearly one percentage point to 5.3 percent from 4.5 percent in 2001. In 2002, all venture-backed U.S. companies raised $19.4 billion, according to a joint survey by Ernst & Young and VentureOne. Venture capital raised by all U.S. companies in 2001 was $37.7 billion.<\/p>\n
“The consistency in which Indian entrepreneurs in the United States continued to raise funding in 2002, speaks to investor confidence in their ability to start and run successful companies. They have proven their success in the past and this has led many investors to believe they will continue to do so in the future,” said Martin Desmarais, editor of IndUS Business Journal. “Downturn or not, there is still money to be invested and the best companies will receive it.”<\/p>\n
Median deal size for the Indus companies in 2002 dropped to $15 million as compared with $20 million in 2001. This compares with overall drop for all U.S. median VC deals to $6.5 million in 2002 as compared with $7 million in 2001.<\/p>\n
The top-five states in regards to venture capital money raised in 2002 by Indus companies was California with 33 deals for $667.6 million, Massachusetts with 12 deals for $204 million, Texas with four deals for $34.6 million, Illinios with 2 deals for $17 million and Wisconsin with one deal for $17 million.<\/p>\n
Santa Clara, Calif.-based Atrica Inc. ranked number one with $75 million, followed by Allegro Networks of San Jose, Calif., with $60 million; Kalypsys Inc. of La Jolla, Calif., $43 million; PortalPlayer Inc. of Santa Clara, $42 million; and Airvana Inc. of Chelmsford, Mass., $40 million.<\/p>\n
“Survey results for the first five months of 2003 reflect last year’s pattern,” said Rohit Padgaonkar, Research Manager at the IndUS Business Journal. “During the first five months of this year, Asian-Indian companies raised $412.95 million as compared with $553.15 million during the same period of last year.”<\/p>\n
About IndUS Business Journal:<\/p>\n
The IndUS Business Journal (www.IndUSBusinessJournal) is the nation’s only business newspaper that covers Indian and South Asian owned businesses across the United States. The IndUS Business Journal is published by The Mishra Group, Inc., a Waltham, Mass.-based diversified media firm, which also publishes India New England News (www.IndiaNewEngland.com), and BostonSF (www.BostonSF.com).<\/p>\n","protected":false},"excerpt":{"rendered":"
WALTHAM, Mass.–(BUSINESS WIRE)–June 23, 2003–Although venture capital received by Asian-Indian founded companies in the United States dropped by $700 million in 2002, they still managed to raisean impressive $1 billion. U.S.-based Indus companies collected $1.02 billion in 2002 as compared […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-315","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=315"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/315\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}