TV Mohandas Pai, Patni scions Arihant Patni and Amit Patni, angel investors Naganand Doraswamy, and Prashant Desphande have joined hands with Sasken Technologies CMD Rajiv Mody to float a $18.7 Mn (INR 125 Cr) fund Ideaspring Capital.
Founded in 2016, the Ideaspring Capital fund will identify entrepreneurs with deep technical expertise working in early stage product innovation startups in India.
Naganand Doraswamy, Managing Director & CEO of Ideaspring Capital said, “We see immense growth potential for enterprise product innovation from India and are confident that India’s next wave of innovation will come from this space. Ideaspring Capital is a coming together of entrepreneurs and investors with rich experience to partner with entrepreneurs who are re-imagining technology to enable a better world.”
The key focus areas of the fund will be IoT, Augmented and Virtual Reality, Fintech, HealthTech, Deep Learning and Machine Learning, Big Data Analytics, Computer and Vision Image Processing, among others.
The fund will provide up to $450K (INR 3 Cr) seed funding and up to $750 K (INR 5 Cr) subsequent co-investment at Series A. The fund is also looking to partner with angel syndicates, venture capitalists and other investors for the Series A round, and is looking to invest in four to six startups every year.
With this, Ideaspring is also launching ‘Startup Assist’ programme to build scale in product management, customer management and building products for a global footprint. Through Startup Assist, the fund will provide key interventions in aspects such as business market fit, product management, customer connects, and investor connect.
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