The Indian economy is not only about outsourcing. The country's evolving telecom industry is beginning to give rise to its own startups, and these start-ups are increasingly appealing to foreign VC firms. The most recent example is last week's announcement that WiMax start-up Telsima has raised $20 million in Series C financing. The round was led by NewPath Ventures and included New Enterprise Associates, CMEA Ventures, ad Jafco Asia (note that NewPath's Vinod Dham, considered Father of the Pentium from his Intel's days, is Telsima's chairman). Telsima is developing WiMax-ready broadband wireless access equipment and carrier Ethernet transport gear.

For more on Telsima
-see company's Web site
For more on VC money going to India's telecom start-ups
-see Nicole Willing's LightReading report