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UAE Based Idein Ventures Recruits Zoomcar Cofounder As Advisor

The cofounder of Zoomcar has been tapped to advise the UAE-India venture capital fund and its portfolio companies.

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Photo Credit : Background: deinventures.com/; David Back: ccoforumindia.com,

Idein Ventures is a seed-stage VC fund with offices in the United Arab Emirates, Mumbai, and Hyderabad. It was cofounded by Rajeshwar Prasad, Mahesh Vellaboyina and Ashwin Srivastava. Prasad founded two publicly traded companies in India, and serves as CEO of RAK Sovereign Holdings. Media representatives claim Vellaboyina is also a special advisor to the Prime Minister of Guinea Bissau.

Vellaboyina has extensive experience in technology, and in investment banking, private equity, and venture capital in the United States and India.

Srivastava is a serial entrepreneur with a history of building successful global companies in industries ranging from electronics, education, e-commerce, and construction; he holds dual degrees from IIT-Bombay.

Idein Ventures has roped in David Back as their advisor to invesments in India. Back cofounded Zoomcar, the first company in India to offer 'self-drive' car rentals, with no chauffeur. Zoomcar launched in Bangalore in 2013. When David left India almost 3 years later, Zoom had grown from 7 cars to almost 1,500 vehicles in 6 cities and now has about 2,500 vehicles in 17 Indian cities.

Zoomcar relates that its investors include Ford Motor Company, Sequoia Capital, Nokia Growth Partners, FundersClub, Empire Angels, former Infosys CFO Mohandas Pai, British politician and businesswoman Lady Barbara Judge, former US Treasury Secretary Lawrence Summers, as well as professors at Wharton, Harvard Law School, and Cambridge University's Judge School of Business.

David has worked as a consultant at McKinsey, as an investment manager at Goldman Sachs, and as a research analyst at the Kauffman Foundation.
Ashwin Srivastava said, "Very few people have as deep an understanding of the start-up ecosystem of India plus Silicon Valley. David has been one of the pioneers behind bringing the current Indian start-up scene to the global map, and we are sure our association with him will help set new precedents in the Indian and global venture capital industry."

Idein Ventures has invested in a number of start-ups in India and the UAE. These include, Infurnia, a Bangalore based startup enabling consumers to visualize their furniture in augmented-reality before making a purchase and Qriyo, a Jaipur based company that provides home tutors in fields as diverse as cooking, yoga, chess, karate, and CBSE/ICSE.


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