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VenturEast announces $150-mn VC fund

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CIOL Bureau
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MUMBAI: VenturEast, previously APIDC Venture Capital, announced $150 million ‘VenturEast Proactive Fund’ that will invest in both early stage companies building new technologies, as well as growth stage companies using technology to build leadership.

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A significant focus of the Fund will be to invest in businesses that address the needs of the digital divide / bottom of the pyramid markets, and the needs of SMEs, VenturEast said in statement.

This approach is different from the “later stage” businesses focus (as opposed to “early stage”), as well as the urban/westward looking focus of the other funds. VenturEast Proactive Fund already has commitments close to $100 million, and plans to close at $150 million.

Sarath Naru, managing partner, VenturEast, said, “Unlike other large-size VC funds, our model is based on the businesses and technologies that are relevant to India and on having multiple funds with a pioneering focus in each. Over the last ten years, VenturEast has helped companies expand rapidly, agnostic to their stage and sector with capital, besides aiding them with technology and business intervention. Proactive Fund continues with this approach of a pioneering focus towards using technology to address needs of the digital divide / bottom of the pyramid markets, and the SMEs.”