Kolkata-based Primarc Group, which is into real estate and retail, has set up a venture capital fund, christened Primarc iVenture, to back startups with social impact or unique ideas, as per a report in The Economic Times.
The corpus of the fund was, however, not disclosed.
Primarc iVenture was floated three months ago and has already invested in about 10 enterprises including Catapoolt, Ketto, I-Kure, Sampurn(e)arth, Design Cafe and Swarna Pragati through Kolkata Angels and other forums.
In future too, the fund is looking at investments between Rs 5-10 lakh in the angel stage and Rs 25 lakh – Rs 1 crore in the advanced stage, with a focus on startups in West Bengal, the report said.
Primarc Group is a diversified and dominant player in the retail and realty sector in Eastern India. The group owns and operates over 45 stores across various formats of brands including Raymond, Color Plus, Park Avenue, Essence, Esquire and STORY. The company has over four million sq. ft. of residential projects under development at present.
The group has forayed into angel and venture investing with a vision to promote enterprise and entrepreneurship. It intends to back eight to ten good ideas every year. Early last year, the group also floated a special purpose vehicle Primarc Pecan Retail to foray into the e-commerce space.