Venture Gurukool, which offers mentorship for early and growth stage startups, is in talks to launch its maiden fund, VG Coop Fund.
Founder of Venture Gurukool, Mahendra Swarup told Livemint that at present the fund is targeted to have a corpus of $20 Mn and is expected to launch by end of April.
He also informed that the fund will have a greenshoe option of another $20 Mn and the company has already tied up with three Chinese investors who will co-invest in the fund with Venture Gurukool.
Also, the fund will invest in B2B and B2C technology startups. These selected startups will receive Seed funding from VG Coop Fund and the next series of funding viz. Pre Series A and A round will be led by the Chinese investors and venture funds.
Swarup highlighted that the fund will invest in the startups whose ideas have seen success in China. “The idea is not only to fund Indian startups but to build great businesses based on successes overseas which are pre-aligned with strategic partners/investors, ensuring a clear path to an exit,” he added.
Swarup also revealed that it plans to raise a majority of the amount (around 60%-70%) from the domestic market, while the rest will come from China, Taiwan, South Korea and Indonesia.