#FundLaunch: JSW Ventures to Invest Rs 100Cr; Union Cabinet Approves Rs. 10,000Cr FFS & More

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#Fundlaunch is your quick summary of notable fund launches for Indian startups.

JSW Ventures gets SEBI Approval to Invest Rs 100 crore in Early Stage Startups

JSW Ventures, the venture capital arm of the JSW Group announced that the Securities and Exchange Board of India (SEBI) has approved its Rs.100 crore fund that will invest in early-stage companies. The company will invest in technology-enabled startups in education, healthcare, financial services, SaaS and enterprise software over a three-year period

“Technology innovation is happening across sectors, from old-fashioned verticals like real estate to research-driven work being done in machine learning and artificial intelligence. We think that the opportunity to innovate across sectors and businesses is immense and want to be a part of this transition,” said Parth Jindal, Managing Director, JSW Cement.

Moreover, Jindal said that as an early-stage fund, we will not only provide capital but will remain strong partners of our investee companies as they grow. The fund has been over the past year evaluating partnering start-up companies, which make innovative products, services or technology. Read More

Rs. 10,000 crore Fund of Funds for Startups Approved by Union Cabinet

The Union cabinet approved Rs 10,000 crore fund of Funds for Startups (FFS) to support startups in becoming full fledged business entities. The government expects to generate employment for 18 lakh persons on full deployment of funds.

“The Cabinet has approved the establishment of ‘Fund of Funds for Startups’ (FFS) at Small Industries Development Bank of India (SIDBI) for contribution to various Alternative Investment Funds (AIF), registered with SEBI which would extend funding support to startups”, an official statement said.

But the corpus of Rs.10,000 crore will be built up over the 14th and 15th Finance Commission cycles (10 years) subject to its progress and availability of funds. An amount of Rs.500 crore has already been provided to the corpus of FFS in 2015-16 and Rs.600 crore earmarked in the 2016-17, as mentioned in the official statement.

Future allocations for the fund will be made as grant assistance through Gross Budgetary Support by Department of Industrial Policy and Promotion (DIPP) which will monitor and review performance in line with the Start up India Action Plan. Read More

Agic Capital to Close $1B fund to Invest in High-tech Startups in India and SEA

AGIC Capital, the European-Asian private equity fund focused on advanced technology investments, is hoping to close its $1 billion fund in the third quarter of this year.

The fund will continue to invest in high-tech European companies and provide them access to the Chinese market. It also plans to invest in companies that have operations in the high-growth markets of India and Southeast Asia in future, as per DealStreetAsia report.

“We are very well on track for the final close”, said Heiko von Dewitz, Agic’s Managing Partner based in Munich, Germany to DealStreetAsia. “China is the biggest manufacturing economy in Asia and is our main focus, but we will go beyond that. India has a large potential market for advanced technology. Our average equity tickets are between $30 million to $150 million”, Dewitz added. Read More

Lok Capital Raises Rs 300 crores at First Close for Third Round

Lok Capital has raised Rs 300 crore at first close of its third India-focused fund. Lok Fund III, has a final target corpus of Rs 700 crore and expects to raise the remaining capital commitments in the next 12 months.

Development financial institutions such as France-based Proparco, Netherland’s-based FMO and UK’s CDC Group participated in the third round of raising the fund. While both CDC and Proparco are existing Lok Capital investors, TIAA Global Asset Management is a new investor in the fund.

Lok Capital expects to deploy the fund in next five years, targeting investments ranging from $2 million (Rs 13.4 crore) to $10 million (Rs 67 crore). The firm is looking to invest in financial services, healthcare and agriculture space.

“Aided with the government initiatives from the last few years along with very progressive regulatory environment, the climate is ripe in India for deepening financial inclusion through both traditional business models as well as through fin-tech models”, said Venky Natarajan, managing partner at Lok Capital. Read More

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