Bessemer Venture Partners names technology veteran Devesh Garg as managing director in India

17 Oct 2007

1
Mumbai: Global investment group Bessemer Venture Partners today named Devesh Garg as managing director of its Indian arm, Bessemer Venture Partners India.

Garg has moved from California to join the existing nine-person Mumbai-based investment team.

A technology sector veteran, Garg joined Bessemer in 2003 as an operating partner, advising Bessemer''s portfolio companies, and most recently served as founding CEO for the Bessemer funded multi-core semiconductor start-up, Tilera.

Prior to joining Bessemer Garg was general manager of the ''security business unit'' at Broadcom, where as part of the pre-IPO team, he led his division to $450 million in annual revenues. During Mr. Garg''s tenure, Broadcom grew from a start-up to total revenues of $1 billion and today has a market capitalization of approximately $20 billion.

In June, Bessemer closed its latest $1 billion global fund with $350 million earmarked for investments in India. Bessemer initiated its India practice in 2003 and has since invested in 17 Indian companies including Mumbai-headquartered brokerage firm Motilal Oswal; Sarovar Hotels, the operator of 27 hotels across India under the Park Plaza and Hometel brands; and air conditioning maker Lloyd Electric & Engineering.

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