Kolkata-based Primarc Group, which is into real estate and retailing, has set up a venture capital fund to support startup ecosystem, especially the West Bengal-based startups working towards social impact or unique ideas.
Primarc group director Siddharth Pansari said, “We are primary into retail and real estate development. Now we are keen on angel funding in a big way for startups which would have a social impact.”
Primarc Group has kept aside an undisclosed amount of corpus in the fund Primarc iVenture to fund startups at an angel stage or at advanced ones.
The group plans to invest between $7K to $22K (INR 5 lakh to INR 15 lakh) in the angel stage while $37K to $149K (INR 25 lakh to INR 1 Cr) in the advanced stage. Its primary focus will be on West Bengal-based startups, the ones with social impact, or unique ideas.
Siddharth added that the group can also pick up stakes in startups which will be a strategic fit with its core businesses of retail and real estate while there are no immediate plans to set up an incubation centre.