The Exfinity Fund created for IT growth receives funds from Non IT CXOs
It seems the post-independence moves taken by then P.M Jawaharlal Nehru to start the IITs (Indian Institute of Technology) and thereafter other governments helping to open more engineering colleges are showing the true colours now. India has been a chosen destination for the IT companies and the industry speculates that another google or facebook can take birth here.
A host of CXOs from businesses outside software are beginning to put their moneys in India’s emerging software product industry. This is expected to accelerate the development of the segment.
The Exfinity Fund, an early stage technology fund, has seen investment from UB Group CFO Ravi Nedungadi, HeroMotoCorp CFO Ravi Sud, Mantri Developers CMD Sushil Mantri, Jain Group of Institutions founder-chairman Chenraj Roychand, Havells India joint MD Anil Gupta, and Salarpuria Group MD Bijay Agarwal.
The fund which is promoted by the former Infosys CFOs and board members T V Mohandas Pai and V Balakrishnan, and former CEO of I-flex solutions Deepak Ghaisas has around 60 investors, including some family offices.
It seems that even the non-IT firms want to be a part of the sweet growth story and this Rs 125-crore fund has seen around Rs 40 crore of investment from CXOs outside the tech business. Mumbai Angels has members from a variety of industries including those like Ranjan Kapur the country head of the advertising group WPP, Prashant Choksey the CEO of Choksey Constructions, and Anand Ladsariya, who runs flavours and fragrances company Everest Flavors.
Source- The Times of India
Havells India joint MD Anil Gupta, HeroMotoCorp CFO Ravi Sud, IITs, Jain Group of Institutions founder-chairman Chenraj Roychand, Mantri Developers CMD Sushil Mantri, MD Bijay Agarwal, UB Group CFO Ravi Nedungadi
