Hyderabad-based infotech park developer Meenakshi Group said on Tuesday that its debut fund of $10 million (Rs 71.4 crore at current exchange rates) has struck its first deal by picking up a 6% stake in city-based co-working company iKeva Ltd for an undisclosed amount.
On the recently launched debut fund, Meenakshi Group director Mahesh Katragadda told VCCircle, "Capital is available on call since the source of funds is within the group. Therefore, the fund size and tenure are flexible."
The fund, called Meenakshi Multiples, and led by team members of the group, aims to invest in new-age and technology-oriented businesses with a focus on property tech and related sectors, said Meenakshi Group in a statement.
Infotech park developer Meenakshi Group, founded in 1992, has interests in real estate, power, highway, engineering, procurement and construction (EPC) projects, and property management.
“We chose to invest in iKeva because of their ethos on building a sustainable business model, with a single focus on customers and service delivery, which they have demonstrated consistently and have systems in place to ensure continuity," said Katragadda .
iKeva was founded in 2012 by Monika Misra, who has over 17 years of experience in hospitality and real estate. Sateesh Andra and Ramesh Byrapneni, founders of venture capital firm Endiya Partners, were angel investors in iKeva and have been part of the advisory board since the very outset.
A number of co-working space providers have set up shop in India over the past few years and raised funding from investors.
Other Indian startups in this segment that have raised funding include Awfis, Bhive, IndiQube and Creator’s Gurukul.
