Prestellar Ventures, a Singapore based private equity firm, has raised $100 million from four general partners and will invest in tech enabled startups in South Asia and ASEAN working in hospitality, consumer, financial services, and rural products and services, according to media reports.
Its general partners include CG Corp Global, a Forbes listed billion-dollar conglomerate from Nepal, India’s micro finance institution Satin Creditcare, PE firm Frontline Strategy that is an experienced investor in Indian growth capital, and N.E. Group, a family business conglomerate from Nepal.
They fund will identity innovative entrepreneurs and invest in ticket sizes of $2-3 million, typically in a pre-Series A deal. Chosen startups will also get inputs on business development and sales with the support of its general partners.
“Investing in the forefront of innovation is critical to keeping traditional businesses such as CG Corp Global relevant in the future,” said Binod Chaudhary, Director of Prestellar Ventures and the Chairman of CG Corp Global.
Binod Chaudhary, chairman of CG Corp Global; Ravi B Shrestha, vice chairman of N.E. Group; HP Singh, chairman of Satin Creditcare; and Atim Kabra, founder of Frontline Strategy sit on the board of Prestellar Ventures.
The firm is also looking to raise country specific funds, mainly for India, Sri Lanka, Bangladesh and Nepal.
Through the fund, Prestellar Ventures is looking to broaden its portfolio of tech-enabled companies outside the existing 17 companies that includes Klone World ,which creates 3D printed figurines and personalized books for kids, Mobile Labs, a mobile advertising products and solutions provider, and Park Controls and Communications, which supplies products for Indian defence, aerospace and space applications.
Astra Microwave, a producer of subsystems for defence and telecommunication sector, CBay Systems, a provider of health care technology, and Tejas Networks, a data networking products company, are among the investments made by Prestellar Ventures.