Amit and Arihant Patni, the sons of Patni Computer co-founder Gajendra Patni, have bought a 43.17% stake in Grameen Capital India (GCI) from former investor IFMR Trust. The brothers expect no commercial returns from this investment. GCI is a non-profit social investment bank that has mobilized Rs.700 crore of capital to micro finance institutions and other social enterprises serving the base-of-the-pyramid segment, reaching out to 1 million beneficiaries at last count. It is now looking to set up two new funds - a debt fund for social enterprises and a social equity fund.
Early last year the Patni brothers co-founded VC fund Nirvana Venture Advisors, which focuses on investing in Internet companies in India. Nirvana is still in the fund raising phase and the brothers expect to close it at $60-75 million.