Industrialist Sudhir Menon and digital marketer Atul Hegde have set up a new early stage start-up fund called Rainmaker Ventures, reports YourStory. The fund’s size will be $50 million and Rainmaker Ventures will look at mentoring 10 to 12 early-stage startups in its first year of operations.
A report by the Economic Times also said that Rainmaker Ventures is looking at startups across sectors like healthcare, education and FMCG but it would be especially interested in someone who has a play in the mobile space. The publication added that startups who are funded by Rainmaker Ventures will have full-time mentors from professionals from varied industries.
Menon is the chairman and managing director of Dorf Ketal, a global specialty chemicals manufacturer and services provider. Hegde was previously part of the Astro group of Malaysia-funded ToTHENEW ventures, and runs Ignitee Digital, a marketing firm.
– Earlier this month, China’s 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 the same month, venture capital firm Tiger Global Management raised $2.5 billion for a new global fund. Read more here.
– In March, Venture capital firm SAIF Partners raised $350 million for a new India-focused fund from 27 investors.
– The same month, Accel Partners, the venture capital firm that backed the Flipkart,launched a $305 million India-focused fund to capitalise on favourable conditions for start-ups.
– In July, seed-stage fund AngelPrime raised Rs 300 crore from The Social+Capital Partnership and several institutional investors.
– Mayfield Fund closed its second India-dedicated fund at $108 million in February.
– Sequoia Capital added another $210 million to its existing $530 million-India fund in April.