Executives put together a fund worth $50 million to invest in tech startups
Mumbai, India | Red Newswire | Dec 11, 2015 Last Updated at 12:37 PM IST.
A social media marketing expert and top executive from a global chemical manufacturer have pooled together a $50 million fund for early investment in tech-startups of India.
Atul Hegde (former CEO, Ignitee Digital) and Sudhir Menon (MD, Dorf Ketal Chemicals) have joined hands to start Rainmaker Ventures. They are already in talks with certain startups and in the next two months, will be announcing their first investment.
Hegde said, “The initial plan is to invest in 10-12 startups in the first year, primarily in the tech space. We are looking at startups across sectors -healthcare, education, FMCG -but would be especially interested in someone who has a play in the mobile space."
Hedge said besides providing seed funds, they also plan to give hands-on mentoring to the young entrepreneurs. He added, "There is a dearth of people actually focused on helping startups build a real business. We know through our experience that building a business takes time.”
Menon said, “"Today, capital seems to be chasing anything that is in the garb of a tech startup. Rainmaker Ventures will focus on helping budding entrepreneurs build a strong business on the ground. We believe that is the only way to ride and survive this startup wave."
The two co-founders said the fund has neither been raised from outside, nor this will be done in future. The Mumbai-based rainmaker ventures will utilize the global presence of Dorf Ketal with office in Singapore, Brazil and US.
Source: ET Bureau