When we started Mentor-Partners 3 years ago, there was a big rush to setup venture funds in India. Mentor noticed two gap in the funding: first if you have an idea how do you get to a state where you are fundable. Second, even if you raise the first round, the eco-system between series A and Private Equity is very weak.
The gaps in the funding eco-system has become worse in India. In 2000 there were ~800 deals in India, in 2007 there were ~1100 deals. Not a huge jump, but the amount of money being invested has gone up 5-10 fold. Most of the money is going into large Private Equity deals.
The angle that Mint covered about a startup from IIT Delhi which is working with Mentor-Partners is specifically targeted at the first gap. You have an idea, where do you go from there.