Nikhil Vora, IDFC Securities' managing director and co-head of research, has resigned from the company to float a venture capital firm focused on investments in the consumer sector, as per a report in Times of India citing Vora.
Vora, best known as a research specialist tracking consumer sector in the country, has previously worked at ASK Raymond James and GESCO.
"I am leaving to start a consumer-centric venture capital fund, which will have a very strong operating team including a CEO of a large domestic consumer company. We will look at a broader consumption story, which is non-infra and non-financial services," Vora told TOI.
The proposed fund will make early-stage growth investments and will have a corpus of Rs 250-300 crore (just under $50 million). The report added that the fund is backed by a group of domestic investors including Khandelwals, the promoters of financial services group Systematix.
While many PE/VC firms have invested in the consumer space in the recent past, there are just a handful of investors solely focused on consumption as a theme.
One such homegrown PE firm is Everstone. However, it has much higher ticket size of investment and has even struck few buyout deals.
Another player in the business with a similar venture investment strategy for consumer space is Future Group which has two listed firms Future Consumer and Future Lifestyle Fashions to back firms in the consumer sector. Leave Your Comment