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April 18, 2013

Fund Alert: Unitus sets up Rs.50-Cr social sector fund

Unitus Seed Fund is launching a new Rs.50 crore early-stage domestic fund backed. Former Infosys senior executive Mohandas Pai and Manipal Group scion Ranjan Pai have cumulatively committed $2 million (Rs.11 crore) to the corpus. The new investment vehicle, to be launched in the second-half of 2013, will look to make equity-linked investments in startups. The fund will look to make 30-40 investments over its life-cycle, with the average ticket size ranging between $50,000 and $100,000.

The domestic fund is preceded by the $25 million (Rs.135.6 crore) Cayman Island-registered Unitus Seed Fund that was launched in January earlier. Unitus currently counts skill development ventures iStar and Bodhicrew Services, learning centre Hippocampus, online microlending platform Milaap and rural distributor Villgro Innovation Marketing, in its portfolio.

Source: Economic Times

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