New Delhi, July 26 (IANS) Singapore-based firm Prestellar Ventures on Wednesday said it has launched a $100 million venture capital fund to encourage entrepreneurs and start-ups across India, Sri Lanka, Bangladesh and Nepal.
According to the venture capital firm, the funding has been backed by four general partners (GPs) — Nepalese enterprise CG Corp Global, Indian microfinance institution Satin Creditcare, the Mauritius-based private-equity firm Frontline Strategy, and Nepalese family conglomerate N.E. Group.
“The fund seeks to partner with passionate entrepreneurs and disruptive start-ups across South Asia and ASEAN in the hospitality, consumer, financial services, rural product and services sectors, typically in ‘Pre-Series A’ deals with a cheque size of approximately $2-3 million,” the firm said in a statement.
“Investing in the forefront of innovation is critical to keeping traditional businesses such as CG Corp Global relevant in the future,” said Binod Chaudhary, Director of Prestellar Ventures and the Chairman of CG Corp Global.
The GPs companies of Prestellar Ventures provide portfolio companies access to over 100 brands, 14,000 employees, 150 hotels and resorts across the world, a publicly-listed bank, fast moving consumer goods products selling over a billion units per year, and a distribution network with direct access to over 2.5 million rural households across India, the statement added.