Investment firm Techcelx has announced a Rs 100 crore fund for investing in digital technology products and platforms. Techcelx was launched by former CEO of HCL Technologies Anant Gupta last week, after stepping down as HCL’s CEO. According to Gupta, the fund will focus on ventures specializing in technologies like machine learning, Internet of Things, artificial intelligence, analytics & data science and automation, in three sectors - banking, education and healthcare. The company will invest between Rs 50 lakh and Rs 10 crore in each startup for a shareholding of 15% to 51%. It claims that the fund is backed by three other undisclosed partners from investment banking and technology sectors. Techcelx mentions that it will also partner with companies to build and operate a dedicated environment for creating products from idea to production, as well as run a managed acceleration program that will help startups with business and revenue models, market and business development, organizational structure, funding, partnerships and customer experience. Gupta is not the only former executive to launch a fund for startups. Earlier this year, RNT Associates, the privately held investment firm of Ratan Tata, partnered with the chief investment officer’s office of the University of California, to jointly fund startups and enterprises in India over the next 10 years. Other recent startup funds include SoftBank Group’s ‘Vision Fund’ which was launched this month with an investment plan of $100 billion over the next 5 years, Z Nation Lab accelerator that plans to incubate startups in Mumbai…
