Exfinity, the early-stage venture capital fund formed by IT Services sector veterans including T.V. Mohandas Pai, Girish Paranjpe and V. Balakrishnan, has announced the closure of the first fund of Rs 100 crore. The fund expects to invest $1 million - $2 million (Rs 6 crore - Rs 12 crore) each across 15-20 companies. The investments will be in products, platforms and IP in emerging areas like cloud, mobility and analytics. The fund has a green shoe option of Rs 25 crore that is now open for exercise.
Reservoir Investment Managers, which manages Exfinity, has signed term sheets with three startups and is conducting due diligence on them. One is in the analytics space, another in the unmanned aerial vehicle space, and the third has a software solution for big data centres to reduce power consumption and capital expenditure.
Source: Times of India
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