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Bessemer adds to India team

Bessemer Venture Partners has promoted Devesh Garg to managing director for its growing India team, four months after allocating $350 million for investments in the region.

Besssemer Venture Partners has promoted Devesh Garg to managing director at its Mumbai office, as part of a larger expansion of the firm’s India practice. Garg will work with founding managing partner Rob Chandra to oversee the nine person India team.

Garg has been an operating partner at Bessemer since 2003. Before, he held senior positions at several information technology companies, including Broadcom and Synopsys.

Bessemer has increased its India business dramatically this year. The firm allocated $350 million (€246 million) of a $1 billion fund it closed in June to investments in the region. Bessemer has also added four other professionals to its India team this year: Anil Sarin, former co-head of equities at Prudential ICICI Asset Management, Sridar Iyengar, former chairman and chief executive officer of KPMG India, Mandeep Khaira, a former executive at Dell India, and Yagnesh Sanghrajka, former global chief financial officer for HTMT.

Bessemer opened its Mumbai offices in 2003. In India, the firm targets companies that can service the emerging Indian middle class, as well as companies involved in infrastructure buildout. The firm is also interested in companies that export knowledge-based service products, such as engineering and financial services. Since 2003 Bessemer has invested in 17 companies in India, including financial services group Motilal Oswal, Sarovar Hotels and Lloyd Electric & Engineering.

Bessemer, based in New York, is led by Robert Goodman. The firm was originally founded in 1911 as an investment vehicle for the Phillps family. Its latest fund was its first to include outside limited partners.