NEW DELHI: Bertelsmann India Investments (BII) is set to invest around $500 million in new start-ups in the country along with follow-up investments. It also plans to open offices in Mumbai and Bengaluru. The venture capital arm of German media company Bertelsmann, BII will step up investment activity to six-eight new investments per year in the country and expand focus to make selective Series A investments.

Carsten Coesfeld, CEO of Bertelsmann Investments said “The Indian economy is seeing very strong growth right now, from which the venture capital industry in particular is benefiting as well.” Since its launch in 2013, BII has successfully invested in over 17 companies, including unicorns. The India arm of the fund has invested in companies such as Eruditus, Licious, Shiprocket, Pepperfry, AgroStar, Lets Transport, Lendingkart, Rupeek. BII has invested a total of about $285 million in start-ups to date.