Indian VCs and the elusive quest for domestic investors

The Infosys campus in Bengaluru. Photo: Aniruddha Chowdhury/Mint

Infosys, India’s most well-known software services company, has debuted in the country’s venture capital market as a limited partner. The Bengaluru-based company’s Innovation Fund has committed Rs31.6 crore (about $4.6 million) to venture capital firm Stellaris Venture Partners’ first fund. Stellaris was founded this year by Alok Goyal, Rahul Chowdhri and Ritesh Banglani, the team of fund managers that broke away from Helion Venture Partners late last year following an internal spat.

This isn’t the first time that Infosys’s Innovation Fund, which commands a $500 million corpus carved out of its balance sheet, has donned the hat of limited partner. In September last year, it invested an undisclosed sum in Palo Alto, California-based venture capital firm Vertex Ventures. Apart from Infosys, Vertex Ventures, which garnered commitments worth over $150 million from several investors last December for its debut fund, counts the Singapore government’s investment arm Temasek Holdings as an investor.

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