Exfinity gets Sebi approval for second fund of Rs 250 crore

By: | Published: August 4, 2015 1:00 AM

The PE venture had raised Rs 125 crore in its first fund in August last year

Exfinity, the private equity venture promoted by ex-Infosys board members TV Mohandas Pai and V Balakrishnan, has received the necessary approval from Securities Exchange Board of India for its second rupee denominated fund of Rs 250 crore which will focus on investing in disruptive technology startups.

Its initial corpus of  Rs 125 crore is about to get exhausted even as it looks to invest in two more firms. The first fund has invested in seven technology startups primarily focused on the B2B segment, with amounts ranging between $1-2 million. With this new fund, Exfinity plans to invest a larger quantum of money with the option of follow-on investments. Balakrishnan said there are a significant number of Indian start-ups which have good ideas, adding, “the chances of creating value is very high”.

The focus of the second fund will be on firms involved in IP, products, internet of things and mobility. Exfinity believes there are enough firms in India which are into disruptive technologies. Exfinity is also planning a $125 million offshore fund that will focus on global technology startups, mainly in the US.

Exfinity in its first fund had raised Rs 125 crore in August, 2014. The fund had announced its initial closure of Rs 100 crore in June 2014 and the green shoe option of Rs 25 crore was open for subscription. The investors included CXOs, reputed industrialists, family offices, professionals and UHNIs. The private equity venture also has two other key founders – former joint CEO of Wipro’s IT business Girish Paranjpe and Deepak Ghaisas, former CEO of I-flex Solutions. According to Balakrishnan, the edge Exfinity brings to the marketplace is the industry experience of the promoters which enables them to  provide better guidance to start-up promoters.

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