The Indian Express interviews Promod Haque, Managing Partner of Norwest. Among other things he speaks about why the fund is looking for the next TCS,Infosys or Wipro.
“We do believe that there will be such big success stories among smaller IT companies, but the markets are still based in the US. Therefore, we’ve found that the smart companies in India that want to aggressively target global markets choose to work with VC firms that can open doors for them, and expand their markets globally. For example, last year we made a $13.8 million investment in Persistent Systems, a world-class Outsourced Software Product Development (OPD) company based in Pune—a company that is growing at a 60 per cent growth rate each year. The OPD sector is extremely important to India’s IT evolution. “
“Business models for the Internet have been well proven in the US, and we have also seen these models succeed in China. As penetration of broadband and wireless increases, we think the Indian market will mimic China. “
While India has a phase lag with the US and China, the gap is closing pretty fast as regions get connected by jumping onto the cellphone bandwagon bypassing fixed lines and by possibly leveraging internet and telephony over cable (given the ubiquity of cable connections in India) in the near future. I feel regional language computing has to get serious attention and any innovation that happens in that space is likely to have an impact on the reach and popularity of other services. ( Think regional language search engines, blog platforms, aggregators and personalization engines etc.,).