US-based Summit Partners sets up office in India

US-based private equity major Summit Partners today announced that it has established a new office in Mumbai. Summit is opening the office to increase investment activity in India and to support its North American and European-based portfolio companies with their expansion efforts the region.

The office is being managed by Amit Chaturvedy, Director-India.

Summit Partners, has raised $14 billion for various funds since 1984. "As growth equity investors with a 28-year track record, we see a significant opportunity in the Indian market.

India's strong entrepreneurial tradition, combined with a fast-growing economy, means there are many companies that can benefit from Summit's capital investment, strategic advice and industry expertise," said Scott Collins, Managing Director-International Equity, who oversees Summit Partners' investment efforts in Europe and Asia.

In 2010, Summit Partners invested in Krishidhan Seeds Ltd, one of India's leading seed companies. In addition, a number of Summit's portfolio companies have a major presence in India, including Belkin International, Continuum, McAfee, Multifonds, Ogone, Snap Fitness and Winshuttle Holdings.

Summit Partners intends to make investments in the range of Rs 50 crore ($10 million) to Rs 500 crore ($100 million) per company.