Sashi Reddi, a managing partner at venture capital firm SRI Capital, has launched a $100 Mn technology focused early-stage venture fund. SRI Capital Fund-I, a Delaware-registered investment vehicle, will look to invest in enterprise software ventures in the US and India, with a particular focus on startups working in the emerging areas of deep tech.
The development was confirmed by SRI Capital to Inc42.
Anchored by a $20 M commitment from the family office of Sashi Reddi, the fund is raising capital primarily from investors in the US and Europe.
“There is a funding gap for Indian start-ups targeting US enterprise customers. Indian VCs have struggled to support these US-focused startups whereas US VCs typically do not understand India based tech teams. This is the gap that SRI Capital will fill,” said Sashi Reddi, managing partner of SRI Capital.
Besides Reddi, partners in the fund include Doc Parghi, who is based in Philadelphia, as well as two more advisory partners, yet to be announced, based in India. The fund has already completed its first close at $40 Mn and expects to have its full corpus by the end of the first quarter of 2019.
The fund will look to invest at a pre-Series A stage with ticket size ranging between $1-3 Mn, and going up to $5 Mn in select ventures. It expects to make six-eight investments per year.