Manipal Education and Medical Group head Ranjan Pai and former Infosys director Mohandas Pai are investing in a new accelerator - The Habit Fund - which will back early-stage social media, mobile and cloud computing start-ups. The Habit Fund will be managed by Silicon Valley venture capitalist and entrepreneur Sunil Bhargava of mobile start-up incubator Tandem Capital and Rohit Bhagat, former Asia Pacific chairman of BlackRock Inc., and aims to raise $75-100 million. The accelerator will process about 300 start-up applications every quarter. Each start-up will receive anywhere between $150,000-300,000 in funding.
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