Nirvana Venture Advisors, one of the early-stage investors in consumer internet start-ups like Zopper, Kartrocket and Housing.com, is looking to close its second fund in the next two quarters.
The brothers have also recently partnered with UK-based Campden Wealth to bring its integrated global membership platform to India.(Source: Company Website)
Nirvana Venture Advisors, one of the early-stage investors in consumer internet start-ups like Zopper, Kartrocket and Housing.com, is looking to close its second fund in the next two quarters. Founded by Amit and Arihant Patni, sons of Patni Computer Systems co-founder Gajendra Patni, Nirvana Ventures is looking to raise around $75 million from overseas investors for the next fund.
“We hope to achieve the first close in the next few months and we have received investment commitments from a number of new investors along with those who have invested in our first fund,” Nirvana Ventures chairman Amit Patni told FE. Nirvana had raised around $40 million for its first fund and has invested in eight companies in the start-up space that include, online local services marketplace, UrbanPro, talent measurement solutions provider Jombay and healthcare IT services provider, Healthsprint.
Nirvana Venture Advisors was founded in 2011 soon after the Patni family sold its controlling stake in Patni Computer Systems for around $1.2 billion to New Jersey-based software services provider IGATE and private equity fund Apax Partners. According to Nirvana executives, the new fund will invest only in consumer internet start-ups with average investments in the range of $3-5 million. Notably, Amit Patni was also an early-stage investor in OYO Rooms, an online aggregator of budget hotel rooms.
While Nirvana is a partnership between Amit and Arihant Patni, both brothers have set up separate family offices to manage independent businesses. While Amit Patni set up RAAY Global Investments back in 2002, Arihant founded Patni Financial Advisors in 2004. However, since then the brothers have often co-invested in ventures that include data analytics firm Hive Technologies and Waterfield Advisors, a boutique advisory firm that was sold in 2014.
The brothers have also recently partnered with UK-based Campden Wealth to bring its integrated global membership platform to India. “We plan to cater to the unique needs of India’s ultra-high net worth community, family business owners and their family offices,” said Amit Patni. “It is open only to high net worth individuals with a net worth at least $30 million,” he added.
Founded by Amit and Arihant Patni in 2011
The fund has raised another $25 million from overseas investors
Has invested in 8 companies so far
Patni brothers have put $15 million in seed capital
Second fund will also invest in start ups with average investments between $3-$5 million
Has announced plans to raise second fund of $75 million