Early stage venture capital firm SRI Capital on Thursday launched its maiden $100 million fund focused on tech opportunities in the US and India.
Anchored by a $20 million commitment from the family office of Sashi Reddi, managing partner with SRI, the fund is raising capital primarily from investors in the US and Europe, it said in a statement.
Besides Reddi, partners in the fund include Doc Parghi who is based in Philadelphia as well as two more advisory partners, yet to be announced, based in India.
“There is a funding gap for Indian startups targeting US enterprise customers,” Reddi said. “While Indian VCs have struggled to support these US-focused startups, US VCs typically do not understand India-based tech teams. SRI Capital will fill this gap.”
The fund will typically invest $1 million to $3 million in a startup, with the potential to invest in future rounds to support the growth of the company. It expects to complete six to eight investments annually, the statement added.
SRI has backed over 15 startups over the last five years, including ThinCI, a chip company for autonomous driving that recently raised over $20 million from Japanese auto supplier Denso and a clutch of high profile industry veterans; and PhenomPeople, a new age recruitment SaaS offering, leveraging social media and machine learning that recently raised $22 million from multiple investors, including Sierra Ventures and AXA Ventures. SRI Capital invested at the seed stage in both companies.
Its others investments include YuppTV, an OTT player for Indian content that recently raised $50 million from KK-backed Emerald Ventures, HealthifyMe, a healthy lifestyle startup that raised nearly $20 million from IDG Ventures, Samsung NEXT, Sistema Asia Fund, Inventus Capital, Blume and others, and FabHotels, a budget hotel chain.
Earlier this week, Chinese venture capital firm Ganesh Ventures also launched an India-focused fund with backing from e-commerce giant Alibaba Group founder Jack Ma to invest $250 million in startups across sectors like TMT, consumer products, fintech and health-tech over the next 3-5 years. Besides, Lightspeed India Partners Advisors Llp has raised second fund of $175 million to invest in startups in consumer internet, software and other businesses.