India is about to get another independent venture capital firm.
A source familiar with the situation says that the team will continue to manage the existing portfolio of SVB India Capital Partners Fund, a $54 million stage and sector-agnostic co-investment vehicle raised in 2005. It already has begun fundraising for Saama, although I’ve been unable to learn the target.
The entire team is in Bangalore except for co-lead Ash Lilani, who also serves as president of India for SVB Financial Group. Lilani will be part of the spinout, but plans to remain in Silicon Valley until his daughter graduates high school. Lilani will continue part-time with SVB as a consultant. No word yet on who SVB has tapped to replace him.
Both Lilani and an SVB spokeswoman declined to comment.
Update: A different SVB spokeswoman just tweeted the following: