VC Fund Exfinity raises USD 17 million in its first round

Bangalore based venture capital firm, Exfinity has raised approximately USD 17 million in its first round, on Wednesday, reported The Financial Express. The investment was led by several CXOs, industrialists, family offices, professionals, ultra-high net worth individuals and institutional investors.

The new funds will be used for investing in 15-17 companies in the first phase. It is also planning to raise another INR 25 crore in future. In the area of technology, the fund has already signed up three deals with focus on technology startups.

“Exfinity with its strong pedigree of founders coupled with holistic ecosystem of mentors, industry connects, subject matter experts and financing provides a perfect platform for young entrepreneurs to realize their dreams,” said Balakrishnan, the founder of the fund.

The fund was started in 2013 by four IT industry leaders, Mr. Balakrishnan, another former Infosys CFO Mohandas Pai, former Wipro board member Girish Paranjpe and former iFlex CEO and CFO Deepak Ghasias.

The four technology veterans—Ghaisas, Pai, Paranjape and Balakrishnan, are also expected to commit INR 5 crore each for this fund. They are also planning to tap other IT leaders to kick-start the fund.

Other recently launched early stage investment funds/programs in India include The Hive India, Powerstart by Infuse Ventures and others.

To contact the author, email at sujata@iamwire.com

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