Other segments too are reaping the benefits of the Indian telecom boom. In April, Aureos Capital announced an $8-10 million investment in Ordyn Technologies, a Bangalore-based manufacturer of optical telecom transmission equipment.

    Players such as Seqouia Capital, Northwest Venture Partners, Lehman Brothers, and Matrix Partners are eyeing big growth opportunities in value-added services (VAS) and content aggregation companies.

    Sequoia alone has made investments in about half a dozen entities, mostly in the VAS or content aggregation space. Lehman Brothers recently invested about $15 million in Cellebrum while Northwest Venture Partners and Nexus have invested about $12-$15 million in Mobile2Win.com.

    This is expected to grow to big ticket investments in the months and years to come, and get a fillip as soon as 3G debuts in India and VAS firms' evaluations soar further.