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2013-01-18

Sriram Group to launch VC and angel funds for entrepreneurs

Shriram Group, a Chennai-based diversified business conglomerate, is in ‘starting stage’ of launching a venture capital fund and an angel fund for budding entrepreneurs, according to Arun Duggal, Chairman, Board of Directors, Shriram Capital.

Shriram Group, a Chennai-based diversified business conglomerate, is in ‘starting stage’ of launching a venture capital fund and an angel fund for budding entrepreneurs, according to Arun Duggal, Chairman, Board of Directors, Shriram Capital.

Speaking to reporters, Duggal said, "We will support entrepreneurs. It may be through the venture capital (route) or angel investments. Even this morning, I met an entrepreneur. This is a pretty new area. See, these are all in starting stage."

On their interest in starting banking operations, Duggal said the ambition was to offer banking services at "low transaction costs".

"We want rates on deposits to be very low. See, 80 per cent of our customers are self-employed or truck owners. We want to offer better services to our customers. Our ambition is to have banking services at low transaction costs," he stated.

The company, in a partnership with TVS Capital Fund operates TVS Shriram Growth Fund to promote private equity investments.

Duggal along with other officials of the Shriram Capital gathered to announce the "Shriram Awards for Excellence in Financial Journalism" in association with the Institute for Financial Management and Research (IFMR), Chennai.

The award is aimed at recognising the contributions made by financial journalists, he said.

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