Startup Village, mentored by Kris Gopalakrishnan, is India's first PPP model technology business incubator
Angel fund Startup Village, which has Kris Gopalakrishnan, the co-founder of Infosys as chief mentor, has received permission from the market regulator to raise funds. Securities and Exchange Board of India (SEBI) has approved the Startup Village angel fund of $10 million that could go up to $20 million with a 'green shoe' (over-allotment) option.
The focus area of the fund will be telecom and internet, and it would start investing once the initial close of $2 million is achieved.
In a release, the Startup Village, said, it received the approval from SEBI on 23rd April. "The need to create the fund was felt as the angel investment ecosystem in India is still maturing, and for the vision of Startup Village to have 1,000 product start-ups by 2020, it has to influence policy, infrastructure for incubators/ accelerators, angel network and angel funds," Kris Gopalakrishnan said.
The angel fund will be investing not only in the most promising start-ups located in Startup Village but also in similar enterprises across the country. "We are looking to broad-base the investor profile with a large set of angel investors, many of whom might be first time angel investors in India," Sanjay Vijayakumar, chairman of Startup Village said.
Startup Village is India's first public private partnership (PPP) model technology business incubator. The promoters of Startup Village are Department of Science and Technology, Government of India, Technopark Trivandrum and MobME Wireless.
KPMG is Advisor and ILFS is Trustee of the fund.
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