Bengaluru-based venture partner firm Stellaris Venture Partners has completed the first close of its $100 Mn maiden fund.
Commenting on Fund I, Ritesh Banglani, Partner at Stellaris said, “We have assembled a strong syndicate of Limited Partners for our first fund. Indian tech companies are set to create $500 Bn of value over the next decade, and our fund gives its investors the opportunity to participate in this value creation.”
Stellaris Venture Partners was launched in early 2016 by by former Helion Venture Partners executives Ritesh Banglani, Alok Goyal and Rahul Chowdhri. It is an early-stage venture fund with investment focus in global SaaS, applications for Indian small and mid-sized business (SMBs) and consumers in large verticals such as healthcare, education, financial services, and retail.
As per a company statement the fund (Fund I) has raised $50 Mn capital commitments from financial institutions, corporates, entrepreneurs, and family offices in the US, Europe and Asia.
The Series A oriented fund is focussed on areas including local language online services, technology-led financial inclusion, supply chain networks, vertical machine-learning applications and global SaaS businesses.
With this fund, Stellaris has also created a network of about 50 entrepreneurs and business professionals to help identify promising investments, advise the portfolio and selectively co-invest with the fund. Members of the network include Taxiforsure co-founders Aprameya R and Raghunandan G; Indify founder Alok Mittal; Capillary Technologies founder Aneesh Reddy; Kanwaljit Singh, founder of Helion and Fireside Ventures; and Neeraj Agarwal, India Head of the Boston Consulting Group.
Earlier in November 2016, IT services company Infosys announced that it will invest $4.6 Mn (INR 31.6 Cr) in Stellaris Venture Partners.