Sequoia Capital India chief marketing officer Raja Ganapathy, former Lowe Lintas chairman Arun Iyer, and DDB Mudra group CEO Vineet Gupta are planning to float a venture capital fund to invest in consumer brands, VCCircle reported.
Ganapathy has been with venture capital firm Sequoia since 2008, and is currently serving his notice period that ends on December 31.
The team is initially looking to raise $30 million (Rs 215 crore) for the fund, which will be a part of the yet-to-be incorporated marketing consulting venture that aims to provide services to startups building both technology and non-technology consumer brands, the report added.
“The company will be incorporated in January and the fundraising is likely to follow soon after,” said the report quoting a source. The fund would typically invest $1-2 million during Series A rounds. It would further provide marketing consulting services for free for a year as part of the investment.
Bulk of the fund’s capital will be raised from founders of successful startups and other affluent individuals in India and the US.
At Sequoia, Ganapathy has been assisting its portfolio companies in brand, marketing and identity management. Prior to joining Sequoia, he was the head of marketing at Deutsche Bank.
Global search firm Egon Zehnder is helping Sequoia in its search for a new chief marketing officer.