Clearstone Venture Partners set up office in Mumbai

Clearstone Venture Partners, a US venture capital firm, has set up an office in Mumbai, to be headed by Rahul Khanna who has relocated from Silicon Valley.

Clearstone Venture Partners, a venture capital firm with offices in Menlo Park and Santa Monica, has set up an advisory office in Mumbai to be headed by Rahul Khanna, who relocated from Silicon Valley.

In India, Khanna will identify and support portfolio companies across sectors including telecom, media, entertainment and financial services. Clearstone Venture Advisors seek to provide early stage funding ranging from $2 million to $5 million for each investment.

Rahul Khanna, director of Clearstone Venture Advisors, said: “India is ripe for new businesses that cater to the lifestyle needs of its large and growing consuming class.”

From the recent $200 million fund Clearstone Venture raised, about $40 million can be made available for investments in India, a spokesman said, adding the fund’s opportunistic approach means there is no fixed allocation for India.

In June, the firm made a $5 million investment in Indiaideas.com, a payment services provider also known as Billdesk.