KITVEN To Launch Its Second Venture Fund, Corpus $11 Million
This is a big fund from the Karnataka Information Technology Venture Capital Fund (Kitven Fund). The semi-governmental body has decided to set up its second fund with a corpus of Rs 50 crore ($11 million). This is big considering their first fund was only Rs 15 crore ($3.4 million). The new fund will not just invest in, you guessed it right, information technology firms, but also in bio-technology, pharma, healthcare and other knowledge-based industries.
The Small Industries Development Bank of India (Sidbi), Karnataka State Industrial Investment and Development Corporation Limited (KSIIDC), and other state-owned corporations may subscribe to the second Fund. It will be launched in two months, and will have a regional focus on Karnataka.
Its has made 17 investments from its first fund (fully deployed), while it has so far exited six investments with 2X returns. This fund was launched in 1999. [Via Business Standard]
