Sudhir Menon, CMD Dorf Ketal Chemicals India & Atul Hegde, ex-CEO Ignitee Digital have started Rainmaker Ventures by putting together a $50 million early stage tech focused fund to invest in 10-12 startups in its first year.
The fund will look for startups across sectors – Healthcare, Education, FMCG and with a special inclination towards those in the mobile space. It will announce its first investment within the next 2 months according to a report by ET. The fund will make an average investment of under $1 million.
Hegde believes that building a business takes time and their aim is to go beyond capital by providing hands-on mentoring. The fund is based out of Mumbai and it will also leverage the global presence of Dorf Ketal.
India is currently experiencing a shift in cultural mindset towards starting up, supported by positive macro trends. Thereby, can the launch of early stage startup funds be viewed as a sign of increasing levels of risk appetite among investors?
(Image Credit: Empire)