Indian Venture Capital Association
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Frankly speaking, there are no true venture capitalists in India. The Indian financial community is far too reserved to indulge into the "high risk-high returns" philosophy. The Indian Venture Capital Association is an organization set up by many such make-belief venture capitalists who are actually nothing more than mere investment bankers who prefer investing in already set businesses where they enjoy a far lesser risk. The Indian Venture Capital Association was set up in late 1990s to promote talent withing the Indian mainland. Indeed, a few investment were made during the internet "Straw to Gold!" days which virtually disappeared after the dot com bust.
India follows the "Sheep Herd" mentality. The whole country's economy is based on people getting into "Profitable" domains mostly following the success of a pioneer in the field. The most recent example of this ideology is the "Business Process Outsourcing" industry. New BPO units are propping up here and there at a dime a dozen leading to a quality deterioration in the final deliverable. This process will continue till a saturation level is reached and then they will wait till another "Killer" domain picks up momentum. Till then India will be in a so called "Calm Period" where nothing great and major takes place.