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Transit Capital to raise debut fund; Andhra Bank board okays stake sale in JVs
Photo Credit: VCCircle

Venture firm Transit Capital is in talks to raise up to $60 million (Rs 438 crore) for its debut fund, Mint reported.

Citing two people aware of the development, the report said the fund will focus on tech startups that have presence in multiple markets.

Kumar Shah is the managing director of Transit Capital. Shah was earlier global head of mergers and acquisitions at handset maker Micromax Informatics, according to his profile on professional networking site LinkedIn.

Earlier this year in June, London-based early-stage venture firm Ascension Ventures had partnered Indian counterpart Unicorn India Ventures to launch an evergreen fund that would invest in UK-based startups that are building products and services for the Indian market.

In another development, state-run Andhra Bank had received board approval to divest its stake either fully or partially in joint venture (JV) companies, according to a stock-exchange disclosure.

The JV companies are Asrec lndia Ltd, lndia lnternational Bank (Malaysia) Bhd. and lndiaFirst Life lnsurance Co. Ltd.

Andhra Bank holds 26% stake in asset reconstruction company Asrec India.

Malaysia-based India International Bank (Malaysia) is a joint venture between Bank of Baroda (40%), Indian Overseas Bank (35%) and Andhra Bank (25%).

Andhra Bank holds 30% stake in IndiaFirst Life Insurance. In June, private equity giant Warburg Pincus had agreed to acquire a 26% stake in IndiaFirst Life Insurance from Legal & General Group Plc.

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