Growth-stage investor Next Orbit Ventures is investing $100 million in a semiconductor fabrication project based in Gujarat. The investment is being backed up by Next Orbit Ventures’s second fund, which is currently raising $750 million.
This is the firm’s second fund, launched to invest mainly in firms that make semiconductor chips, and solar and LED components.
“We are coming as first investors into this fab project to back India’s growing electronics market, which will reach $400 billion by 2020 as per the government of India’s national policy of electronics 2012 estimates, and requires $100 billion of investment for achieving ‘zero import’ target,” said Ajay Jalan, founder and managing partner at Next Orbit Ventures.
Some of the firm’s that New Orbit Venturers is investing in are Web Element, Cityon Systems Inc, Pranav Sports Academy Ltd and Sanasa Tech.