$50 M early-stage fund reserved for startups by Michael & Susan Dell FoundationBengaluru | Red Newswire | May 09 04:02 PM IST. MSDF or Michael & Susan Dell Foundation already has a fund called India Educational Investment Fund (IEIF) for Indian education startups. Now, it is setting up one more fund for early-stage ventures in India. The new fund is worth Rs. 333 crore ($50m). Debasish Mitter, Country Director – MSDF, told ET that using these funds direct investments will be made in early-stage ventures over the coming few years. Mitter said that the company decided to set up the fund after observing that many startups are facing a hard time raising funds. He also said that company will increase its offerings including equity, grants, non - convertible and convertible debt offerings.
MSDF’s earlier fund, IEIF supports early startups in the education sector catering to low – income families of the country. Last year, the fund supported two startups – Guru-G Learning Labs (India) Pvt. Ltd – a game-based teaching platform for teachers and report Bee Edusys Pvt. Ltd – a deep learning platform based on cloud. Michael Dell started MSDF in 1999 and since then has been investing in many Indian, US and South African companies. Another startup, iSTAR Skill Development Pvt. Ltd and Villgro Innovations raised $1.5 million and $3.2 million respectively, in Series A funding from MSDF. MSDF most recently invested in Oliveboard Comptech Pvt. Ltd – a Bengaluru-based startup and another Delhi-based startup Avanti Learning Centers. Source: Techcircle
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