Nilekani, Aggarwal set up Rs 647 cr fund

Nandan Nilekani, co-founder and former CEO of Infosys, has partnered with Sanjeev Aggarwal, venture capital veteran and founder of Daksh, to launch a new scale up platform — ‘The Fundamentum Partnership’ with an initial corpus of $100 million (Rs 647 crore).

Fundamentum is a platform created for entrepreneurs by entrepreneurs, capital and entrepreneurial acumen from the two founders will be bolstered by bringing on board, leading entrepreneurs who will invest in the fund and act as mentors for the portfolio companies, a statement said.

The corpus will be extended to $200 million if good opportunities come along. Capital will also be contributed by a select set of long term institutional investors. It will lead investment rounds from $10 million to $25 million in companies that have attained the product market fit, have an initial momentum and are looking to scale up.

The company will back local champions in building durable technology companies. It will focus on consumer technology businesses, particularly ventures that are solving unique Indian problems. A portion of its capital will also go into enterprise technology/outsourcing companies serving global corporations.