India: Philips, an Electronics and Healthcare major is feeling lured by the start up sector of India. It is aiming to enter it by backing healthcare startups in the country. To take the venture up in a big way it also plans to set up a venture fund.
According to Jeroen Das of Philips Connected Care and Health Informatics Business, it is still to early to elaborate on the details of the venture fund, as the proposal is in the initial stages. According to a Techs Story Press Release, the execution of the venture fund in India would depend on the performance of similar ones that have already been set up in Israel and Netherlands. “We are also looking at setting up a venture fund -we already have venture funds in Israel, and we have already invested in a couple of small innovative companies. We have a venture fund in the Netherlands and we’ll definitely look at doing something here -It’ll entirely focus on healthcare technology setups,“ said Tas.
A US $ 30 million fund called Sanara Ventures set up by Philips in association with Teva an Israeli based company is meant to back start ups that have been in existence for the past eight years in the field of healthcare technology. Mr. Das who intends to position himself center stage for pitching sessions from Indian start ups during his next visit to the country finds Bengaluru an important hub for the company due to the available high quality tech talent in the city.