Mindtree co-founders' Mela Ventures announces first close of its Rs 200 Cr fund
Mela Ventures, started byco-founders Krishnakumar Natarajan and NS Parthasarathy, on Monday announced the first close of its maiden fund, MV Core Tech Fund - I.
The SEBI-approved Category-2 AIF fund for early stage companies, which targets Rs 200 crore fund size (including green shoe of Rs 75 crore), has already garnered Rs 130 crore in commitment from a coveted set of investors to mark its first close. The fund is backed by institutional investors, global technology leaders, and seasoned startup investors.
Commenting on the first close, Krishnakumar Natarajan, Managing Partner, Mela Ventures, said,
"We are on a mission to build next-generation entrepreneurs out of India. Towards this mission, Mela Ventures will support early-stage companies using cutting edge technologies to build B2B solutions targeted at global enterprises. We are extremely excited to get such an overwhelming response from investors even during challenging times. This gives us confidence that we have the right mission and are here with the right strategy."
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The fund, which will focus on building a portfolio in areas such as artificial intelligence, machine learning, augmented reality/virtual reality, internet of things, cloud migration, and deep technologies, targets to make around four to five investments in the next 18 months, with a ticket size of Rs 7-10 crore each.
"Entrepreneurs continue to innovate and solve impactful problems for large enterprises. And they realise that beyond the funds, they can immensely benefit by the expertise, experience, and empathy that we bring to the table. Many of our investors are technology professionals who share the same passion as we do for meaningful technology, startup community, and building Indian entrepreneurs. We look forward to this new and exciting journey,” added Parthasarathy NS, Managing Partner, Mela Ventures.
Natarajan and Parthasarathy exited Mindtree after Larsen and Toubro Ltd (L&T) acquired a majority stake in the IT services company last year.