According to Momentum Works’s grapevine, a new VC fund is vowing to bet big on Indian startups.

Ganesh Ventures, led by Jessica Wong, former founding partner of Hong Kong based VC Cyber Carrier, has its initial closing of US$30 million. Wong is confident that the fund can deploy subsequently up to US$250 million into TMT, consumer products, fintech & health tech.

Anchor LPs of Ganesh Ventures include Landmark Capital and the US$600 million eWTP Ecosystem Fund led by Yongfu Yu, Founder of UC Web. With offices in Bengaluru, Gurgaon, Hong Kong & Beijing, Ganesh Ventures will be eWTP’s strategic investment partner in India.

As Founder & Managing Partner of Cyber Carrier, Wong made investments into six India-based companies: Krazybee, HappyEasyGo, GigIndia, Indialends, ZoomCar and BeYouPlus.

That is actually a pretty good portfolio – at Momentum Works we are happy at renewed commitment on Indian market by Chinese investors. We believe that despite the heat (and subsequent cool down) of Indian tech over the last few years, the market is still at its infancy.  There are more opportunities to be explored as the infrastructure improves.