The fund will primarily target mobile-based startups in the healthcare, education and FMCG verticals
There is a new kid on the block in the Indian investment circle — a US$50 million early-stage fund.
Christened Rainmaker Ventures, the VC fund has been formed by Sudhir Menon, Chairman and MD of Mumbai-based Dorf Ketal Chemicals India, and Atul Hegde, former CEO of Ignitee Digital, according to a report by The Economic Times.
The duo has pooled in their own funds to start the firm.
Rainmaker mainly targets mobile-based startups in the healthcare, education and FMCG verticals. The average ticket size will be under US$1 million.
The fund is already in talks with a couple of startups and is likely to announce its first investment in the next two months, adds the ET report, quoting Hegde.
“The initial plan is to invest in 10-12 startups in the first year, primarily in the tech space,” Hegde said. “We are looking at startups across sectors — healthcare, education, FMCG — but we would be especially interested in someone who has a play in the mobile space.”
In the long run, the VC firm also wants to expand its reach beyond seed capital to mentoring entrepreneurs.
The Mumbai-based venture fund will use Dorf Ketal’s global presence to expand into the US, Brazil and Singapore.
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