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A Venture Funding for IIT, IIM Grads
By siliconindia
Bangalore: Vikram Gupta, former Chief Operating Officer (COO) of India Venture Advisors, a healthcare fund, has launched a technology venture capital fund for entrepreneurs from India's leading educational institutions like the IIMs and IITs, reports VCCIRCLE.The fund is sponsored by the Piramal Group.
The fund, IvyCap Venture is target is to raise $75 million. Their strategy is to focus on the entrepreneurs with high-quality professional training from premier Indian institutions like the IITs, IIMs and other similar organization.
As Gupta was an alumnus of IIT Delhi (1989-93), claims that the fund has received an 'excellent interest' from the successful alumni of IITs and IIMs and the 'Ivy' approach is helping him to raise funds from the alumni of the premier institutes. He has created an IIT Alumnus Trust which is an LP in the fund. Ex-IITians invest in the trust which will, in turn, make investments in the fund as LP.
With the new fund, Gupta will join the club of several independent fund managers who are currently on road to raise funds.