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Our Bureau

Mumbai , Nov 30

A number of large names in the venture capital and investment space have established Seedfund, described as India's smallest venture capital fund aimed at start-up businesses.

The names include Motorola Ventures, Reliance Technology Ventures, SVB Financial Group and Sierra Ventures.

Individual investors such as Mr Kanwal Rekhi, Mr K.B. Chandrasekhar, Mr B.V. Jagadeesh and Mr Sridar Iyengar are also backing the fund.

"Seedfund will provide funding of up to Rs 2.25 crore for media, technology, retail and consumer facing businesses," Ms Bharati Jacob, Managing Partner, told newspersons on Thursday. "Seedfund will provide all the mentoring and guidance needed for the start-up businesses to grow the business from idea to proven reality." The fund will set up offices in Bangalore and Mumbai to ride the wave of start-up activity in these cities.

"We believe in investing in good ideas and sound business plans that are promoted by talented management teams with entrepreneurial, can-do attitudes," said Mr Harshal Shah, President of Reliance Technology Ventures.

The fund has commenced operations and has lined up its first investment in the retail sector. "We will announce a significant investment in the next 30-60 days," said Ms Jacob.

Commenting on the fund's growth strategy, Mr Mahesh Murthy, Managing Partner, said: "We will invest in companies that we believe we would be able to exit after a point of time."

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