India: Nandan Nilekani, Helion’s Aggarwal launch $100m VC fund for startups

Nandan Nilekani. Photo: Ramesh Pathania/Mint

Infosys co-founder Nandan Nilekani and has joined hands with venture capital veteran Sanjeev Aggarwal to to launch a venture capital fund to invest in startups, according to a statement.

The new platform  named The Fundamentum Partnership, will have an initial corpus of $100 million and later will be extended to $200 million.

It will lead investment rounds from $10 to $25 million in companies that have attained the product market fit, have an initial momentum and are looking to scale up.

The fund will focus on consumer technology businesses, particularly those that seek to solve unique Indian problems. It will focus on consumer technology businesses, particularly ventures that are solving unique Indian problems.

Nilekani has emerged as one of the country’s most prolific angel investors, with over half a dozen investments in just the last one year alone.

Some of his investments include in the companies like ShopX, RailYatri (co-investment with Helion), angel investment platform LetsVenture, Sedemac (an innovative leader in automotive electronics) and Power2SME (a B2B marketplace).

After launching this platform, Nandan will not do any more direct startup investments and Fundamentum will be the sole platform for engaging with the start-up world, the statement said, while adding that Aggarwal has backed firms like MakeMyTrip, ShopClues, BigBasket and more.

“While India has earned recognition as a startup nation, it is as yet an unproven scale up nation. Ten years ago, with Helion, the attempt was to participate in creating a startup’ecosystem in India and now with Fundamentum we want to help build a much needed ‘scale up’ ecosystem in the country,” said Nilekani.

According to media reports earlier, Nilekani and Aggarwal were likely to contribute 30-40 per cent of the initial corpus.

Fundamentum’s team which include partner Ashish Kumar and associate vice president Prateek Jain and chief financial officer Sanjay Chaturvedi, will will assist portfolio founders in areas like leadership and organization development, building scalable technology architecture and navigating important inflexion points like capitalization and inorganic growth.

Also Read: India: Nilekani, Helion’s Sanjeev Aggarwal plan to float $100m VC fund