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GSK Velu floats 2 funds worth $175M for startups


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Funds-picture

Medical equipment provider Trivitron’s Managing Director GSK Velu has floated two investment funds—a Venture Capital (VC) fund under Stakeboat Capital targeting to raise $100 million, and a family office fund with a corpus of $75 million, reports Financial Express. Both funds will target companies in healthcare delivery, consumer-led businesses and enterprise technology, adds the report.

Apart from this, Velu will act as the non-executive chairman of Stakeboard Capital which will also include two General Partners: Kandasamy Chandrasekar, and A Ganesan. Velu will be the lead investor in the new fund by contributing $20 million; the remaining $80 million will be raised from domestic family offices and other domestic and international institutional investors.

While according to ET Stakeboard Capital is planning on a seven-year fund with an optional ‘plus two’ and an investment window of 4 to 5 years in each company that it might invest in. While the two General Partners said that, they are aiming to start with Series B investments in companies with established cash flows and proven business models

GSK Velu sold stake in Metropolis Group: Note that the announcement of the entire $175 million fund comes after Trivitron’s MD GSK Velu sold his 37% stake in diagnostic chain Metropolis Healthcare in September last year for an undisclosed amount to the PE firm Carlyle Group. A LiveMint report pegged the size of the sale at around Rs 850-900 crore

Recently announced startup funds in India:

-This month, equity firm Paragon Partners launched Paragon Partners Growth Fund I (PPGF-I), a $200 million India focused fund. The fund will focus on financial services, infrastructure services, industrials and healthcare services.

-In February, 500 Startups launched a new $25 million fund to invest in India, Sri Lanka and Bangladesh. The fund would focus on early stage companies that have demonstrated traction

-In the same month Nokia Growth Partners (NGP) announced a new $350 million fund IV,  for investing in IoT companies in the US, Europe, India and China. The fund will invest in companies around connected enterprise, consumer solutions, connected car and digital health and those focused on big data and analytics.

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-Similarly, in the same month, IDG Ventures India had launched an India-focused tech fund with a target amount of $200 million.

– In January, Storm Ventures launched a new fund for software-as-a-service (SaaS) startups in India, with an allocation of at least $10 million for the fund.

– In the same month, Unicorn India Ventures finished a first close of Rs 40 crore on its Rs 100 crore fund. The fund will invest in early stage startups in verticals like mobile, social media, analytics, cloud tech and Internet of Things (IoT).

– In December 2015, China-based mobile internet firm APUS Group launched a fund in India worth Rs 300 crore to invest in startups. The fund will focus on investing in early stage startups working on mobile internet projects.

-In December 2015, Industrialist Sudhir Menon and digital marketer Atul Hegde had setup a new start-up fund called Rainmaker Ventures. The fund’s size will be $50 million and it would invest in startups acrosshealthcare, education, mobile and FMCG.

-In October 2015, The Federal Bank created a startup fund with an initial corpus of Rs 25 crore, which the bank mentions is scalable. The bank intends to invest in startups across digital financial services, biotech, hi-tech farming, healthcare, logistics, and ecommerce.

Picture Credit: Flickr User Howard Lake under CC BY-SA 2.0

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