Ajay Piramal, one of India’s leading industrialists, philanthropists and social entrepreneurs, has entered into venture capital (VC) space by establishing a new VC fund ‘Montane Ventures’.

The venture fund which has been registered as an Alternative Investment Fund (AIF), will be focused on early-stage funding requirements of startups operating in pharmaceuticals, finance and private equity (PE) segments.

Piramal has infused $50 Mn into Montane Ventures and will mobilise an additional $150 Mn from external resources, reported TOI.

The Indian startup ecosystem has expanded exponentially with support from various industry veterans and the government. Various business tycoons like Ratan Tata, NR Narayana Murthy, Azim Premji, Mukesh Ambani and Sunil Mittal have been either investing in their personal capacities or through their family offices. Piramal’s venture is the first VC fund from any Indian business leader to enter into venture capital activity.

The fund is said to be steered by former Footprint Ventures co-founder, Josh Bornstein, along with Peter DeYoung as its director. [hr style=”striped”]

Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day. [hr style=”striped”]

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.