Karthee Madasamy, who was the managing director of India at venture capital firm Qualcomm Ventures until May, is planning to launch a $40-50 million fund to invest in early-stage technology startups, the Mint newspaper reported.
Citing three people aware of the development, the report said that Madasamy is finalising the structure of the new fund and is likely to launch it in coming weeks.
Madasamy is putting together a team to help him manage the fund and is likely to work with executives based out of Silicon Valley, the report added.
Madasamy worked at Qualcomm Ventures for more than a decade. At Qualcomm, he led investments in early-stage ventures such as Waze (which was acquired by Google), MapMyIndia, Capillary Technologies and Portea Medical, the report said.
In another report, Mint reported that Honk Kong-listed Country Garden Holdings Co. Ltd is in talks with Mumbai-based Wadhwa Group to buy a majority stake in its upcoming 450-acre residential township at Panvel in Navi Mumbai.
Citing two people aware of the development, the report said that Wadhwa Group has invested over Rs 600 crore to buy the land and has been looking to raise an additional Rs 500 crore to start building the first phase of the planned township.
The two companies have signed a term sheet for the transaction and due diligence could take two more months, the report cited one person as saying.
In June, VCCircle had reported that Country Garden was in an advanced stage of discussions with Bengaluru-based real estate companies Unishire Group and Jain Heights to buy land parcels.
The Chinese developer was set up in 1992 and listed on Hong Kong’s stock exchange in 2007. It develops and manages residential properties as well as hotels. It has about 300 projects under construction in countries including Singapore, Malaysia and Australia.