Backed by some of the high profile Indian information technology service veterans, Bangalore is soon getting a new VC fund, reports Business Standard. The fund will start with a corpus of INR 125 crore under the name ‘Exfinity Fund’.
The idea is to provide early stage investments in the technology sector.
According to the report, former Wipro joint CEO Girish Paranjpe, Former i-flex Solutions CEO Deepak Ghaisas, Aarin Capital founder TV Mohandas Pai and Senior Board member of Infosys V Balakrishnan are infusing some INR 5 crore each, in addition to other resources to kick start the fund.
Neither of them however, have given any confirmation on that. But according to a senior investment banker close to this operation, the team is currently trying to get SEBI’s approval and should get started pretty soon.
Early stage investments in the India is on rise from some time now, with a whole host of funds, angel investors and angel networks actively getting involved with entrepreneurs right from the ideation stage.