TV Mohandas Pai, Arihant Patni, Amit Patni, Prashant Deshpande, Naganand Doraswamy and Rajiv Mody have come together to launch IdeaSpring Capital, a 125 Cr ($18.7 Million) fund for the early age startups.
The main aim of the new fund will be to identify and partner with the entrepreneurs and teams with deep technical expertise working in the early stage startups in the country.
Talking on the development, Naganand Doraswamy, a prominent angel investor and CEO MD of IdeaSpring Capital stated that there is an immense potential in enterprise segment and the next wave of innovation will come from the same segment. IdeaSpring Capital team is a mixture of innovators and investors to find the right opportunities in re-imagining technology for a better world.
The fund will be focusing on key areas like Augmented & Virtual Reality, Fintech, IoT, Healthcare, Deep Learning, Machine Learning, Image processing and Big Data analytics. It will provide a capital of INR 3 Cr max ($450K) in seed round and upto $750k of co-investment in series A. It is looking to partner with various investment bodies for series A investments and is eyeing for 4-5 investments every year.
Along with this, the fund is launching Startup Assist, to scale product management, customer management and building products for a global scenario. Through this initiative, IdeaSpring Capital will provide key assistance in business market fit, product management, customer and investor connect.