With this fund, the company is likely to invest in up to 40 startups.
Persistent System, a global company specialising in software product development and technology services has launched a $10 million venture capital fund.
"We have launched the fund which will invest in very early stage companies, which will give us disproportionate access to evolving technology," company's Chief Operating Officer Mrityunjay Singh told PTI.
Singh brings over 20 years of operations experience at start-ups and large companies in India and abroad in the Financial Service and Insurance, Retail and Manufacturing industries. He has held various senior level positions in Account Management, Delivery Management and Development Center Management at Infosys, Kanbay, S3C and Tata Steel.
With this fund, the company is likely to invest in up to 40 startups. "The typical timeframe till which fund will stay invested is three-five years," said Singh.
For more than 20 years, the company has partnered with pioneering startups and leading enterprises, helping them accelerate innovation, time to market and enterprise transformation.
According to Singh, Persistent System is likely to achieve the revenue of $1-billion in the next three to five years. "We are at around $320 million at present and will have to grow both organically as well as look at inorganic growth opportunities to achieve the target," he said.
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