Kolkata-based Primarc Group to raise venture capital fund for startups
Kolkata, India | Red Newswire | Jan 9, 2016 Last Updated at 11:58 AM IST.
Kolkata-based real estate and retailing group is setting up a venture capital fund for helping startups and especially the West Bengal startups whose products contribute to impact on society.
Siddharth Pansari, director of the Primarc Group says, “We are primary into retail and real estate development. Now we are keen on angel funding in a big way for startups which would have a social impact.”
The amount the Primarc Group has set aside to invest in startups has not been disclosed. The fund will be called Primarc iVenture and will be used for funding the startups at an advance level and seed funding.
For the angel stage, the group will invest between $7K - $22K (i.e., INR 5 lakh – INR 15 lakh) and $37K - $149K (INR 25 lakh – INR 1 Cr) for the advanced startups.
The Group launched the fund three months ago and around 10 startups have been funded. Some of these are Ketto, iKure, Sampurna Earth and Catapoolt.
Siddharth also said that the group might also take stakes in the startups as fit it might seem for its core business. The group however has no plans on launching an incubation centre yet.