USF Raises $8M to Back Ventures that Help Poor in India
Bangalore: Unitus Seed Fund has raised $8 million to invest in startups that help low-income consumers in India. 500 Startups, Vinod Khosla, and other angels contributed to the fund.
Based out of Seattle and Bangalore, Unitus Seed Fund was launched in February 2012. It’s part of the Unitus Group that includes an equity fund and a financial advisory firm. USF invests in for-profit scalable companies that provide economic self-reliance, education, and basic necessities to millions of Indians living at the base of the economic pyramid.
By investing in these innovative companies that serve the 800 million low-income citizens of India, USF expects to deliver both strong financial returns and substantial social impact. USF made four investments in 2012 and anticipates making ten new investments in 2013, and later 10-12 per year.
With a population of well over 1.2 billion, and mobile technology gaining traction outside of major cities, there’s a huge opportunity in India to create brands of the future. Engineering talent is abundant. Unitus Seed Fund is ready to jumpstart companies as long they help people and not just themselves.