Nilekani joins hands with Helion's Sanjeev Aggarwal to fund mid-stage startups
Advertisement
Here’s some good news for startups. At a time when most of the startups are struggling with getting funds, Nandan Nilekani , co-founder of IT giant Infosys and former chairman of UIDAI, has decided to collaborate with venture capital investor Sanjeev Aggarwal to set up an investment firm . The newly formed firm will invest in mid-stage startups, said four people in the know.
The firm, worth at least $100 million, will mostly have personal capital brought in by both Nilekani and Aggarwal, while some amount would also come from "friends and family".
"Nandan and Sanjeev are expected to contribute 30-40% of the corpus, and they are also looking to rope in a third partner," a source told ET.
There is a tradition in the venture capital industry, that the fund pays 2% of the total corpus as annual management fee to fund managers; however, this new fund would do nothing of this sort.
Nilekani has invested in over half a dozen startups in the past year, with the biggest bet being the $10-million investment in ShopX, which builds technology for small retailers.
Sanjeev Aggarwal, the cofounder of Helion Venture Partners, has been the founder of business process outsourcing firm Daksh, which IBM acquired for $150 million in 2004.
(Image source: International Business Times)
Advertisement
The firm, worth at least $100 million, will mostly have personal capital brought in by both Nilekani and Aggarwal, while some amount would also come from "friends and family".
"Nandan and Sanjeev are expected to contribute 30-40% of the corpus, and they are also looking to rope in a third partner," a source told ET.
There is a tradition in the venture capital industry, that the fund pays 2% of the total corpus as annual management fee to fund managers; however, this new fund would do nothing of this sort.
Nilekani has invested in over half a dozen startups in the past year, with the biggest bet being the $10-million investment in ShopX, which builds technology for small retailers.
Advertisement
(Image source: International Business Times)
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Vegetable prices to remain high until June due to above-normal temperature
- RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P
- 'Vote and have free butter dosa': Bengaluru eateries do their bit to increase voter turnout
- Reliance gets thumbs-up from S&P, Fitch as strong earnings keep leverage in check
- Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market