Former Infosys executives Bala, Pai plan $100mn global tech fund
Former Infosys board members and chief financial officers TV Mohandas Pai and V Balakrishnan are planning a $100-million (Rs 600-crore) offshore venture fund to invest in technology startups worldwide.business Updated: Aug 30, 2014 16:23 IST
Former Infosys board members and chief financial officers TV Mohandas Pai and V Balakrishnan are planning a $100-million (Rs 600-crore) offshore venture fund to invest in technology startups worldwide.
“We are seriously planning a global fund. It will be based either in the US or Singapore,” Balakrishnan told HT. “We will raise money from foreign investors. We are looking for anchor investors,” he added.
When contacted, Pai also confirmed the development.
Balakrishnan donned different roles at Infosys including head of BPO division and India business and was considered a contender to succeed Shibulal as CEO before he quit his 22-year career in the company in December last year.
Balakrishnan and Pai had earlier raised about Rs 125 crore for their Exfinity venture fund that focussed on investments in technology startups in India.
Exfinity is backed by 80 investors including former Wipro CEO Girish Paranjpe and former i-Flex CEO Deepak Ghaisas. “The response to our fund was surprising. We could have raised Rs 400-500 crore if we had not limited it to Balakrishnan said.
Exfinity was launched initially with the idea of promoting technology ventures of former Infosys employees but later its scope widened to funding any promising IT startup.
It invested $1.5 million (Rs 9 crore) in US-based Virtual Power Systems which focusses on reducing power consumption of large data centres.
“We will announce $1-2 million investments in three firms including a Mumbai- based unmanned aerial vehicle company and two video streaming companies,” he said."
First Published: Aug 29, 2014 08:27 IST