News, Startups

#FundLaunch: SBI Sets Up $30M Fintech Fund; TurningIdeas’ $5M Startup Fund & More

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

SBI Sets Up $30M Fund for Fintech Startups

The State Bank of India (SBI) has launched a $30 million fund to empower Indian startups operating in the fintech space. SBI Chairman Arundhati Bhattacharya says “This fund shall consider assistance of up to Rs 3 crore to an Indian registered company for promoting their business innovations using IT in India for banking and related technology,”

Besides capital investment, this new initiative by SBI will also provide support and mentoring to the startups. Additionally, it would monitor the progress and track the utilisation of the funds by the venture it will back. Read More

Virtual Incubator TurningIdeas Launches $5M Startup Fund

Noida based incubation platform TurningIdeas has set up a venture fund with a total corpus of RS 33 crore ($5 million), to be invested in 10 startups.

The fund has been created under TurningIdeas created angel network – TurningIdeas Venture Partners (TVP). “The average ticket size can range from $50,000 to $2,00,000,” says Ashish Mittal, Co-Founder & Chief Mentor, TurningIdeas. Read More

Quadria Capital Launches $10 million Healthcare Focused VC Fund HealthQuad

Healthcare-focused private equity firm Quadria Capital, has launched a $10 million healthcare focused venture capital fund – HealthQuad. The fund was launched by Amit Varma and Abrar Mir, and will invest through Pre-Series A to Series A staged startups in India.

Singapore based Quadria Capital has managed over $ 1.4 billion of funds, which it invests in healthcare sector in South and Southeast Asia. Read More

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