Nuziveedu Group chairman Prabhakar Rao anchors early-stage fund Utthishta | VCCircle
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Nuziveedu Group chairman Prabhakar Rao anchors early-stage fund Utthishta 

BY  Madhav A Chanchani
Utthishta Yekum Fund, a seed fund targeting $9.2 million and focusing on technology startups, has made its first close.

Hyderabad-based Utthishta Management Advisors LLP has made the first close of its debut fund targeting Rs 50 crore ($9.2 million), to invest in technology startups across the country.

Utthishta Yekum Fund, a seed fund registered with SEBI, has managed to raise Rs 31 crore ($5.7 million) from its anchor investor and asset management company. The fund expects to raise the remaining amount from a mix of high networth individuals (HNIs) and institutional investors.

The fund is being anchored by M Prabhakar Rao, chairman of Nuziveedu Group which has interest in agriculture, renewable energy, real estate, textile and sugar....

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