Infosys co-founder Nandan Nilekani backed Fundamentum raises USD 227 million

Digital acceleration, brought on by the pandemic, has dramatically increased technology spending across the world. India has all the ingredients in place, he said.

Published: 20th August 2022 08:39 AM  |   Last Updated: 20th August 2022 08:39 AM   |  A+A-

Nandan Nilekani

Nandan Nilekani (Photo | EPS/ Nagaraja Gadekal)

By Express News Service

BENGALURU:  Infosys co-founder Nandan Nilekani’s venture capital firm Fundamentum Partnership plans to lead or co-lead a  USD 25-40 million round by investing in four-five start-ups every year. The firm on Friday announced it has raised  USD 227 million for its second fund that would be invested in early growth stage Indian start-ups.

It will fund enterprises that have attained product-market fit and will focus on tech-driven enterprises in the consumer internet and enterprise software space in India. The company will back India-based entrepreneurs who are set to move from the start-up phase to the scale-up phase.

Nilekani, co-founder and general partner at Fundamentum, said, “Digital acceleration, brought on by the pandemic, has dramatically increased technology spending across the world. India has all the ingredients in place -- capital, entrepreneurs, stories of success and liquidity.”

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He added, “In this decade we will see entrepreneurs making a material impact on the country at scale as the digital intensity of society increases, and we are in the early stages of that journey.” Fundamentum’s first fund was deployed in early growth stage start-ups, including Pharmeasy and Spinny which have turned into unicorns.

Post the fund’s initial investment, Fundamentum’s portfolio companies have collectively raised over USD 1 billion in follow-on rounds. Sanjeev Aggarwal, co-founder and general partner, said that the second fund is significantly oversubscribed.



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