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Tech veterans set up $100M fund to turn India's top startups into unicorns

Tech veterans set up $100M fund to turn India's top startups into unicorns
From TechCrunch - July 3, 2017

Two Indian technology veterans have set up a new fund that they hope will help the county churn out world-class, billion-dollar startups.

Nandan Nilekani, a co-founder and the former CEO of $33 billion IT services giant Infosys, and Sanjeev Aggarwal, VC with Helion Ventures who founded now IBM-owned BPO firm Daksh, have come together to launch the Fundamentum Partnership. Initially a $100 million fundhalf of which is committed alreadythe duo told TechCrunch they aim to help cover the funding gap for Indias most promising tech firms.

We believe that we need companies that are marathon runners built to scale and speed [by] entrepreneurs who want to leave a legacy, Nilekani, whose personal fortune is estimated at more than $1 billion, explained in an interview.

India counts at least eight billion-dollar-valued tech companies among its ranks, according to TechCrunch data. Those include e-commerce firms Flipkart, Paytm, Snapdeal and Shopclues, Uber rival Ola and chat app firm Hike, but theFundamentum Partnership founders believes there are many more candidates to join them.

[The fund is] not really so much for startups but for scale-ups because we think the challenge is how companies become large, and do things with speed, scale and flexibility, he added.

Nandan Nilekani at TED 2009 viaErik (HASH) Hersman/Flickr

The Fundamentum Partnership is looking to Series B- and C-stage deals. The partners said they will aim to lead investments with a typical check size of$10 million to $25 million contributing to around half of a round.

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