.₹ 125cr Ideaspring for those with Big Ideas
Bengaluru: A group of investors have set up a .₹ 125-crore venture fund — Ideaspring Capital — to back entrepreneurs building ventures in areas like machine-learning, image processing, augmented and virtual reality, internet of things, healthtech, and fin-tech among others.
The investors include, Aarin Capital’s TV Mohandas Pai, Sasken Technologies CMD Rajiv Mody, Patni brothers Amit and Arihant Patni, and angel investors Naganand Doraswamy and Prashant Desphande.
The fund will invest up to .₹ 3 crore in a seed round, with selected startups expected to raise pre-series A funding by the end of the 18-month programme.
“Intellectual property and deep technology algorithm would be the key differentiation for selecting the startups,” said Doraswamy, MD, Ideaspring Capital.
Of the total corpus an initial .₹ 50 crore will be deployed as a seed fund to invest in early-stage ventures, a further .₹ 50 crore will be allocated for pre-series A or series A rounds. An additional .₹ 25 crore will be a buffer amount, Doraswamy said.