Rakesh Jhunjhunwala – India’s very own Warren Buffet – is the newest addition to the country’s startup ecosystem. ET reports that the billionaire investor will be investing in Exfinity Venture Partners LLC, a Bangalore-based venture fund that invests in technology ventures.
According to ET NOW sources, Rakesh will be the biggest investor in Exfinity’s second fund. Exfinity aims to raise a sum of $38 Mn (INR 250 Cr.) from Rakesh, as well as other investors – Sidbi venture capital and SBI.
We have reached out to Exfinity for its official statement and are yet to hear from the company.
Rakesh , in the past, has raised his concerns about the about business models and valuations in India’s ecommerce space, but as per sources, he invested in Exfinity because he is comfortable with the B2B space, as the valuations are more reasonable here.
Exfinity was conceived by technology veterans such V Balakrishnan, Mohandas Pai, former Wipro executives Suresh Senapaty & Girish Paranjpe and former i-flex top executive Deepak Ghaisas.
In its first round, it had raised $19 Mn (INR 125 Cr.) and deployed it to invest in areas such data analytics, IP streaming video delivery, smart sensing technology and virtual power.
Disruptive technology will be the focus of its second round. The venture fund is also raising an offshore fund to invest in ventures outside India.
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