IndusAge Partners, a Silicon Valley-based venture capital firm, is in advanced stage of hitting final close for its IndusAge Technology Venture Fund I that has a target corpus of Rs 150 crore (about $22.6 million).
The technology-focused venture capital firm is raising money from Indian family offices and ultra-high-net-worth individuals (HNIs), said Sudhir Rao, founding managing partner at IndusAge. The firm invests in companies that look to monetize their intellectual property rights, he said.
The firm was promoted by former Intel Capital head Sriram Viswanathan, who is also founding managing partner at IndusAge. It mainly makes early-stage investments in companies in the US and India that operate in technology, financial services, healthcare and energy efficiency sectors.
Rao said the technology fund for which funding is being raised can invest only in India-based companies as it counts Birla Sun Life Insurance as an investor and the Insurance Regulatory and Development Authority does not allow Indian insurers to invest outside India.
The VC firm also has a fund in the US with a corpus of $50 million
"But we will be happy to back an entrepreneur who has received significant experience in Silicon Valley and set up business in India," he added.
The development was first reported by The Economic Times.
The VC firm also has a fund in the US with a corpus of $50 million that is largely run by Viswanathan. The teams in India and US collaborate on every deal for advisory and operations purpose.
Its portfolio companies include AxSys Health and Market Simplified India Ltd. It recently invested an undisclosed amount in Clairvolex Knowledge Processes Pvt Ltd, an intellectual property asset management firm based in Gurgaon and California. This is the India-dedicated fund's debut investment in the country.