TV Mohandas Pai’s StartupXseed Ventures get 20% of Fund from Canbank Venture Capital Fund
Canbank Venture Capital Fund Limited (CVCFL) is India's first and only public sector bank sponsored venture fund in India.
TV Mohandas Pai, Managing Partner, StartupXseed
StartupXseed Ventures LLP has on boarded Canbank Venture Capital Fund Limited (CVCFL) for an investment of 20 percent of the fund size. In a step towards creating sustainable Startup ecosystem, this collaboration will help enhance StartupXseed’s plan of reaching out to more & more Entrepreneurs with newer inventions in the technological space which could disrupt the global market, much like their previous investments. StartupXseed Ventures focuses in B2B businesses opportunities to invest in and they have invested in companies like “ShieldSquare”, “Aarav Unmanned Systems”, “AIBono” (formerly Airwood Aerostructures)”, “DarwinBox” and “Siliconch Systems” who have been doing well in their businesses and moved onto raise next round of funding.
Speaking on the collaboration, B.V. Naidu, managing partner, StartupXseed Ventures said, “We are very excited to receive the investment from CVCFL and it will accelerate our investment plans to invest in the areas of Deep Technologies like Nano Electronics, AI/ML, Cyber Security, Semiconductor and IoT.”
Canbank Venture Capital Fund Limited (CVCFL) is India's first and only public sector bank sponsored venture fund in India and across industries.
According to Mr. Baskaran, MD, CVCFL, “Experienced Founding Team, Technology Focus towards the sectors under Electronics Development Fund (EDF) & the network of StartupXseed Ventures makes a great choice for EDF (a $330 million FoF) to commit 20 percent of the fund managed by StartupXseed. The EDF Fund Manager, Canbank VC, (a wholly owned subsidiary of Canara Bank), is excited to be a part of the journey and we believe it will serve the purpose of EDF and Government of India to boost entrepreneurs and startup eco-system overall.”
StartupXseed Ventures is planning to invest in few prospects in new and emerging technologies like blockchain, cloud technologies, AI for different business applications and look into possible synergies of current and new investments in the future.
StartupXseed Ventures LLP is the Investment Manager of “Aaruha Technology Fund” registered with Securities and Exchange Board of India (SEBI) as Category I - under Alternative Investment Fund (AIF) Regulations 2012.
It is a strategic programme, for supporting the ambitious entrepreneurs with great ideas, combined with seed fund, strategic support, market access, mentorship and closely supported by the Startup Support Council of StartupXseed. It acts as a “cofounder/seed partner” in helping innovation to succeed in the technology and technology enabled areas across sectors in India.
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