Vaghul chairman of Biotech Fund panel

APIDC Venture Capital Limited announced the appointment of Narayanan Vaghul as the chairman of investment committee of its Biotechnology Fund. Vaghul is currently the chairman of the board of ICICI Bank.

Commenting on his appointment, Vaghul said: "Biotechnology is an area where India has significant advantages, and the major growth needs to come from start-up and early stage enterprises similar to the experience in the West. The most critical ingredient for the success of these enterprises is early stage venture capital. However, less than a handful of VCs are addressing early stage venture capital requirements in India today. APIDC VCL fills this gap perfectly."

He also said, "it is very encouraging that in a tough environment for early stage venture capital funds, the Biotechnology Venture Fund, the first-of-its-kind in the country, has attracted the support of prestigious financial institutions, banks, and insurance companies for investment to reach the targeted Rs 150 crore."

S M Balasubramanyam, the the chairman of APIDC VCL, said, " Vaghul is considered to be the father of the Indian venture capital industry in India. It is this experience of Vaghul in supporting early stage companies, that will be invaluable in shaping the decisions of the investment committee."

Sarath Naru, the MD of APIDC VCL, said, "we also see a naturally symbiotic relationship emerging with ICICI Ventures as a result of Vaghul's association. Venture capital investing is typically a collaborative effort, as proven in the US, and APIDC VCL's portfolio companies have received co-investments from a number of VCs in the past. We also have formal relationships with UTI Ventures, Technology Development Board, ICRISAT Incubator etc."

Vaghul during his eleven year stint as chairman and CEO transformed ICICI into a well-diversified financial conglomerate. Vaghul was responsible for the launch of India's first venture capital company TDICI, now called ICICI Ventures.

Vaghul initiated venture capital activity in ICICI in the late 80's and then created its wholly owned subsidiary, TDICI, to provide technology venture capital. He led TDICI as its chairman till 1996, presiding over the VC support activity that led to the creation of a number of biotech and pharma leaders in India.

Vaghul is also the chairman of India's first asset reconstruction company (ARC), and the chairman of ICICI Knowledge Park.