"Our Exfinity fund raised the whole of Rs 100 crore in the first round itself. We will be raising the green shoe of another Rs 25 crore soon," V Balakrishnan, one of the promoters of Exfinity said in a tweet.
Further, Balakrishnan said in a statement that "we are excited about the speedy and successful subscription to the entire fund and greatly appreciate the support of our investors
"Exfinity with its strong pedigree of founders coupled with holistic ecosystem of mentors, industry connects, subject matter experts and financing, provides a perfect platform for young entrepreneurs to realise their dreams".
Exfinity is promoted by IT industry leaders - former Infosys CFOs T V Mohandas Pai and V Balakrishnan, former Wipro joint CEO Girish Paranjpe and former iFlex Solutions CEO Deepak Ghaisas, to fund technology startups in India.
The Fund is fully subscribed and investors include CXOs, reputed industrialists, family offices, professionals, UHNIs and institutional investors.
Reservoir Investment Managers (RIM) CEO and CIO Shailesh Ghorpade said the practitioners, who have scaled organisations, have global perspective on technology and markets, can bring their expertise to add unmatched value to the investee companies.
"We are focused on driven teams who have scalable ideas that can succeed with our high impact interventions," said Balarishnan.
The technology space is becoming extremely exciting and with the barriers for entry coming down, the startup space is witnessing heightened activity, he added.
Balakrishnan also said the fund has signed up three deals and are conducting due diligence on all of them. "All the deals are in niche areas and are promoted by pedigreed professionals," he said.