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IT Honchos Maiden Fund Exfinity Raises Rs.100 Cr To Invest in Startups

IT Honchos Maiden Fund Exfinity Raises Rs.100 Cr To Invest in Startups

Exfinity fund, the technology focused fund founded by Former Infosys CFO TV Mohandas Pai,  and Former Infosys CFO V Balakrishnan among others, has raised Rs 100 Cr to invests in Startups.

It also has a greenshoe option for Rs. 25 Cr, which is expected to be raised from institutional investors in the coming weeks.  

Deepak Ghaisas, Former CEO of iFlex, Rajiv Kuchhal and Sunil Mantri of Mantri Realities are also part of the fund. Each of them has contributed Rs 20 crore.

Exfinity prime focus will remain on startups in mobility, cloud and analytics, with a focus on B2B business and will be investing in startups at the angel funding stage. The fund plans to fund at least 15 early-stage startups in the next 18 months.

“The first $100-billion revenues of the Indian IT industry came from the services segment and the next $100 billion will come from product platforms and innovation. We want to create an ecosystem of companies that can act as a feeder to large technology companies as they are not investing enough in new technology areas,”said Balakrishnan.

The fund is soon going to close funding in three startups working in the area of analytics, unmanned aerial vehicles and power optimisation solutions.

Announced in December last year, Exfinity has plans to launch a second fund with a corpus of Rs. 125-130 Cr.