Ivycap Ventures, an India-based venture capital firm, has raised Rs3bn ($45m) for its Ivycap Fund 2 that will channel 10% of its capital into the Ivycap Ventures Initiative, according to Your Story.
The fund was launched in October 2015 and aims to secure a total of Rs6bn. The money raised to date forms the first tranche of its fundraising.
Ivycap Ventures Initiative is an innovation and entrepreneurship platform that offers mentoring, funding and other support to startups. It works with its “global alumni” network to provide access to mentors, investors, technical experts and resources to the startups it works with.
Institutions it has worked with to date include the Birla Institute of Technology and Science, the Indian Institute of Management, the Indian Institute of Technology, the Indian School of Business and the Rajiv Gandhi Indian Institute of Management.
The Ivycap Ventures Initiative plans to use its 10% share of the capital to invest in 25 to 30 companies over the next two years. It will focus on the sectors of healthcare, internet of things, machine learning, artificial intelligence, edtech and agritech.
Seed investments of up to Rs10m will be available for each business through the initiative.
