Is the exit environment improving?
Kamra: That’s what drives our business and you are seeing good exits every day or two. A number of our companies (Canaan’s US portfolio firms) are talking to investment bankers about IPOs (initial public offers). We would like to see the Indian markets kick in for some of these venture-backed IPOs as there have been only a couple like Info Edge (India) Ltd and OnMobile Global Ltd. We invested in e4e Inc. (an outsourcing services firm) and I am still on the board. The companies are still private and we are hoping to get some exits on those soon. What is your take on early-stage investing in India? Kamra: You saw people moving from early-stage investing in the US when the downturn started as it is riskier and has a longer time horizon. The average time for exit from start to finish has gone up to nine years in the US. That’s a long time and you can see why people are concerned about doing early stage. But we are continuing to focus on early- to mid-stage. It’s great if other people move
