Mumbai-based Seedfund’s partners except Mahesh Murthy are planning to launch a $60 million fund focused on consumer internet startups in the country.
As per an ET report, Seedfund’s partners including Praveen Gandhi, Bharati Jacob and Sanjay Anandram, Paula Mariwala and Shailesh Vikram Singh — are expected to join the new fund, likely to be called Oorja Capital.
“Name is not yet finalised yet. But we will operate it like a regular venture fund investing $3 million -$4 million in a start-up in its life-cycle,” said Shailesh Vikram Singh, Executive Director at Seedfund.
Praveen Gandhi is expected to become the chairman of the investment committee of the new firm, while others are likely to join as General Partners. The new 10-year fund will invest in early stage companies in starting cheques of $300,000-$400,000.
In 2011, the firm had launched its second fund with a $54 million corpus, had invested in 24 companies so far.
Apart from this, this year other firms had also launched funds for Indian startups. For instance, Astarc Venture Launched a seed fund with a corpus of $2 million, that will be increased up to $10 million over the next few years, to invest in in tech focused, digital healthcare, digital communication, 3D printing, data analytics, etc.
Also, venture capital firm, Accel Partners announced to launch an India-focused fund – Accel India IV for $305 million. Earlier last month, SAIF Partners had raised $350 million for a new India-focused fund. The firm is looking forward to make investments in technology focused businesses.Category Startups