The initial commitments have come from four leading Indian financial/government institutions with the alumni from the IITs and other angel investors also joining.

IvyCap Ventures, an India-based venture capital firm targeting alumni from the local Institutes of Technology (IIT), has raised R65 crore ($12.5m) ahead of a planned first closing at R100 crore. Vikram Gupta, former head of corporate venturing at India-based healthcare company Piramal, founded IvyCap last year. He said by email the initial commitments had come…

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