Business Daily from THE HINDU group of publications
Friday, Nov 06, 2009
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Business Daily from THE HINDU group of publications Friday, Nov 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Venture Capital Nasscom-backed fund gets first closing corpus of Rs 40 cr
TCS, Bharti Airtel, ICICI Knowledge Park Trust and Department of Science and Technology signed on as anchor investors IIF is an early-stage fund created to promote Intellectual Property-driven innovation in emerging technologies Our Bureau New Delhi, Nov. 5 Software association Nasscom said on Thursday that the India Innovation Fund (IIF) garnered its first closing corpus of Rs 40 crore, with TCS, Bharti Airtel, ICICI Knowledge Park Trust and Department of Science and Technology signing up as anchor investors. The IIF — jointly promoted by Nasscom and IKP — is an early stage fund created to promote Intellectual Property (IP)-driven innovation in emerging technologies. Tech entrepreneurshipThe IIF will also encourage technology entrepreneurship to enable start-ups to reach a stage of self-sustenance and growth. The fund is targeted at early stage companies in the information and communication technology (ICT) and life sciences space. It will operate as a standalone entity, managed by experienced professionals and overseen by industry honchos. Although the first closing corpus is about Rs 40 crore, this will be scaled up to Rs 100 crore, a Nasscom release said. The IIF is structured as a Securities and Exchange Board of India (SEBI) registered fund with corpus being created through institutional contributions from firms representing the targeted investment areas of the fund. It is being managed by the IKP Investment Management Company (IKPIMC). IKPIMC has appointed the former Nasscom President, Mr Kiran Karnik, as Chairman of its board. The board also comprises Dr Bala Manian (a renowned serial entrepreneur) and Ms Deepanwita Chattopadhyay (Managing Director and CEO of IKP). Key focus areasThe fund’s investments will be overseen by a committee comprising industry experts such as Dr Jai Menon (Director Technology and Customer Service, Bharti Airtel), Mr Sharad Sharma (former CEO, Yahoo R&D India), Dr Shrikumar Suryanarayan (Director General, Association of Biotechnology Led Enterprises), and other investor representatives. The Nasscom release said sectors identified as the key focus areas for investment by the IIF include automotive infotronics and intelligent transport systems, telecommunication technologies, drugs and pharmaceuticals, medical devices, and IT with multi-sector application. “These sectors have been identified based on the need for disruptive technology innovations to meet the rising domestic demand and the potential for India-based innovations to acquire a global footprint,” it said. More Stories on : Venture Capital | Software
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