The San Francisco based VC firm, with over $1.6 billion (Rs 672 crore) in committed capital, had sent a proposal to the Government a year ago, but the government seems not be in favor of the proposal.
According to the proposal, Walden was to invest $5-10 million in funding electronics chip design startups and the Government was to invest around 15% of the project.
India imports semiconductors worth around $7 bn a year, and this import bill is growing 22% annually. With the Government’s delay in approving proposals such as the one sent by the one by Walden International, India’s long standing dream of having its own semiconductor fabrication factories might be delayed.
Walden re-entered India in 2008 after a 5 year break and typically focuses on financing early stage companies in industry sectors like communications, electronics/digital consumer, software & IT services, and semiconductors.
Earlier in January 2014, Walden International took part in a $13 million funding round for Bankbazaar, a Chennai based financial services portal.
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