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 from four leading Indian financial/government institutions with the alumni from the IITs and other angel investors also joining.

His other colleagues at the firm include Ashish Wadhwani, partner, Norbert Fernandes, co-founder and principal, and Sonia Sharma, vice-president.

The first deal is expected to be in technology to help farmers.

IvyCap also offers a share of any of its profits – called carried interest – from the first fund to the IITs. The 5% carry for the Give Back programme comes from the fund manager’s share of profits but other investors as well as the entrepreneurs…

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