Merrill Lynch to invest in local startups
Bangalore: International investment banking firm, Merrill Lynch, has for the first time decided to invest in Indian software solutions startups. It is understood that the firm has already identified two startups and plans to pump in around $5 million in each of these ventures.

According to Mr. Joseph M Schell . chairman for global technology investment banking, this will be the first time the consulting group will be investing in India. Merill plans to identify more start ups and probably have a separate fund for the country.

Besides software solutions startups, Merrill Lynch will also look at telecom products companies, broadband and optical networking and biotech companies as well.

According to Mr. Schell, with Indian infotech companies having a very good reputation for timely completion of projects and the fact that they are competitive in pricing, the Indian IT sector can grow well beyond the 40 per cent growth rate expected for the global IT sector.
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