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2013-05-08

SEBI approves $10 m angel fund for Startup Village

In a major boost to the country\'s first telecom incubator Startup Village, market regulator SEBI has approved the Startup Village angel fund of $10 million that could go up to $20 million with a \'Green Shoe\' (over-allotment) option.

In a major boost to the country's first telecom incubator Startup Village, market regulator SEBI has approved the Startup Village angel fund of $10 million that could go up to $20 million with a 'Green Shoe' (over-allotment) option.

According to a press release, the approval for the angel fund, which would address the problem of resource crunch for start-up companies across the country, came from SEBI through a notification issued on April 23.

The focus area of the fund will be Telecom/Internet, and it would start investing once the initial close of $2 million is achieved.

The angel fund will be investing not only in the most promising startups located in Startup Village but also in similar enterprises across the country.

Besides Kris Gopalakrishnan, Co-Founder, Infosys & Chief Mentor, Start-up Village; MobME, the country's first campus telecom start-up; Ravi Pillai, Founder of the Rs 16,000-crore Bahrain-based RP Group; and other leading angel investors in India will be part of the fund. KPMG is advisor and ILFS is trustee of the fund.

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