Tech veterans Nilekani and Aggarwal’s India venture raises $227 million second fund – TechCrunch

[ad_1]

Fundamentum Partnership, a venture firm co-founded by Nandan Nilekani and Sanjeev Aggarwal, has raised $227 million for its second fund as the high-profile tech industry veterans double down on backing startups in the South Asian nation.

The fund plans to deploy the capital by investing in four to five startups each year. Fundamentum, which typically backs startups in the Series B stage and beyond, will look to lead or co-lead $25 million to $40 million rounds, Aggarwal told TechCrunch in an interview.

Nilekani, co-founder of IT services giant Infosys and who has been instrumental in development and evangelising of several of India’s digital initiatives including biometric IDs Aadhaar, and Aggarwal, who founded now IBM-owned BPO firm Daksh, launched Fundamentum in 2019 to back consumer-focused and software-focused startups.

“Digital acceleration, brought on by the pandemic, has dramatically increased technology spending across the world. India has all the ingredients in place—capital, entrepreneurs, stories of success, and liquidity. In this decade, we will see entrepreneurs making a material impact on the country at scale as the digital intensity of society increases,” said Nilekani in a statement.

“We are in the early stages of that journey. At Fundamentum, we tested the waters with the first fund. We now intend to go deeper into our investment program, focus on entrepreneurs creating built-to-last companies out of India, and steadfastly support them in their exciting journey.”

The firm, which has evaluated over 500 startups, has made half a dozen investments so far and its portfolio startups have collectively raised over $1 billion in follow on rounds, it said. Fundamentum’s portfolio includes unicorns online pharmacy Pharmeasy and car marketplace Spinny.

Fundamentum’s new fund is backed nearly entirely by Indian entrepreneurs, it said. “We feel the entrepreneurs’ capital is superior capital. It delivers money++,” Aggarwal said.

“Given that we all entrepreneurs, we do have that bias,” he added, without ruling out the possibility that Fundamentum may open up the fund to institutional investors in the future.

The world’s second largest internet market has seen the emergence of several local venture funds and also attracted scores of high-profile investors in the past 12 years. Sequoia, Accel and Lightspeed, all of which have also been investing in the South Asian market for over 10 years, announced new funds recently.

SoftBank, Alpha Wave Global and Tiger Global have also increased the pace of their investments in India in recent years. SoftBank invested over $3 billion in India last year alone. Tiger Global has invested $6.5 billion in the country to date, TechCrunch reported earlier.

Fundamentum’s new fund comes at a time when startups in India — and beyond — are finding it increasingly difficult to raise capital at terms considered favorable from last year’s bull cycle norm. Aggarwal said many reputed early-stage venture firms have closed new rounds in India in recent quarters, so there’s enough dry powder to continue to back young startups.

For growth stage startups, it’s a slightly different story. “The growth capital that used to come to India, that has sort of dried up,” he said. Aggarwal acknowledged the shift in the dynamics in the industry, saying valuation asks have corrected and dealflow has remained strong. “So you now have time to do more due diligence and invest at right prices,” he said.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous post What the 15% corporate minimum tax means for tech
Next post Fashion Tips On How To Include Cobalt Blue In Your Wardrobe
slot gacor hari ini server luarslot gacor hari ini server malaysiaslot gacor hari ini server rusiaslot gacor hari ini server thailandtoto slot 4dmahjong wins 3slot gacor hari ini server luarslot gacor hari ini server jepangslot olympusslot sweet bonanzaslot gacor hari ini server luarslot gacor hari ini server rusiaslot gacor hari ini server jepangslot gacor hari ini server luarakun pro rusiaakun pro asiaakun pro luarslot gacor hari ini server luarslot777slot gacor hari ini server jepangslot gacor hari ini server rusiaslot gacor hari ini server luarslot gacor hari ini server thailandslot gacor hari ini server luarslot gacor hari ini server kambojaslot spacemanslot deposit seabankslot gacor hari ini server luarslot gacor hari ini server thailandslot gacor hari ini server luarslot gacor hari ini server malaysiaslot olympusslot sweet bonanzaslot gacor hari ini server luartoto slot 4dslot gacor hari ini server luarslot gacor hari ini server rusiaslot deposit seabankslot deposit qrisslot gacor hari ini server luartoto slot 4dscatter hitam slotslot gacor hari ini server jepangslot gacor hari ini server malaysiaslot gacor hari ini server thailandslot gacor hari ini server luartoto slotslot deposit qrisslot deposit seabankslot gacor hari ini server jepangslot gacor hari ini server rusiatoto slotslot gacor hari ini server luarsitus slot resmi deposit qrisslot gacor hari ini server jepangslot gacor hari ini server kambojaslot gacor hari ini server luarslot gacor hari ini server thailandtoto 4dslot gacor hari ini server luarlive casinoslot gacor hari inisweet bonanzaslot olympus x1000slot server thailandslot server rusiaslot gacor hari ini server jepangslot gacor hari ini server luarspaceman slotolympus slotslot gacor hari ini server luarslot gacor hari ini server thailandslot gacor hari ini server luarslot gacor hari ini server thailandslot gacor hari ini server luarslot gacor hari ini server jepangmahjong ways 2slot gacor hari ini server luarslot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor hari ini server luarsboku99
spesial4d
joinbet99
https://wordzilla.studio/
slot gacor
https://urigroup.vn/
https://sloaneandcoeyewear.com/
https://ogansia.kodpit.com/
https://bimbosita.net/
https://almasdarbyazd.ir/
https://bitmz.net/
slot gacor
sv388
https://zurga-nekretnine.com/
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot gacor
slot resmislot gacor hari ini server luarscatter hitam slotslot gacor hari ini server jepangslot gacor hari ini server kambojaslot gacor hari ini server jepangslot gacor
https://smkkelibang2023.snn2u.com/
https://www.erwo.hr/
situs slot resmi
sweetbonanza<ahref="https://raulanton.com/">aztecstarlightolympusslot gacor hari ini server luartoto slot
toto slot
slot server jepang
slot asia
slot gacor hari ini server luar
toto slot
slot server malaysia
slot server jepang
slot kamboja
https://senang303.id/
https://sukses303.id/
https://horus303.id/
https://locationtai.com/
https://jlbisson.com/
https://orthesesnovacorps.ca/
https://terrassementbl.com/
https://eloimorin.com/
https://portesfenetresrivesud.com/
https://aeclafontaine.ca/
https://pierreturmelconstruction.com/
https://lesjardinsdelapetiteecoledeceline.com/
https://bissoncpa.ca/
https://aubergedugeaibleu.com/
https://vsmauto.com/
https://charcuterie-pdc.com/
https://burtbrassardcpa.com/
https://soudurebertrandboucher.com/
https://pa-badung.go.id/sto/
https://certify.dld.go.th/
https://therecordmeister.com/sukses303
77rabbit
slot thailand
slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot kamboja
slot asia
slot filipina
slot jepang
slot rusia
slot malaysia
slot amerika
slot hongkong
slot singapore
slot dubai
slot korea
slot asia
slot kamboja
slot gacor
slot gacor
scatter hitam
olympus slot
slot777
slot gacor
slot gacor maxwin
slot maxwinsenang303
senang303
senang303
senang303
senang303
senang303
sukses303
sukses303
sukses303
sukses303 slot rusia
slot jepang
slot hongkong
slot malaysia
slot thailand
slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot gacor slot malaysia
slot rusia
slot jepang
slot kamboja
slot asia
slot dubai
slot server luar
slot thailand
slot amerikaslot server rusia