Mumbai-based Seedfund, the early stage venture capital fund launched in 2006, may raise a second fund of $30 million, reports , quoting sources. Seedfund, founded by Pravin Gandhi, Mahesh Murthy and Bharati Jacob, had raised about $10-15 million for its first fund. Our mail to Mahesh Murthy to confirm the development is unanswered till the post is written.

The investors of Seedfund I include search giant Google, Reliance ADAG, Motorola and US based venture capital funds like Sierra Ventures and Mayfield. The individual investors in Seedfund included Kanwal Rekhi, K B Chandrasekhar, B V Jagadeesh and Sridar Iyengar.

Seedfund’s target sectors have been internet, media, mobile, telecom, retail and other consumer-facing plays.

So far the fund has invested in nine startups like online document printing company Printo (a photo printing site), Carwale (an auto portal), Redbus (online bus-ticketing site), AgencyFAQs (online media company), Rupeetalk (a personal finance website), Healthizen (a personal health portal), Thinklabs, (robotics and embedded systems training company), Vaatsalya (an affordable hospital startup) and Uhuroo (a networking solutions provider). Seedfund’s plans to raise another fund indicates that its strategy of backing companies at early stages have been a worthwhile epxerience.

Among the companies Seedfund has backed, Printo has received Series A funding of $6.25 million from Sequoia Capital India. There could be more from the Seedfund portfolio seeking a VC round.

There are several other early stage funds which are focused on startups such Erasmic Ventures, Mumbai Angels, The Chennai Fund, Indian Angel Network and Mentor Partners. Erasmic Ventures is also planning to raise a new fund by end of this year.

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