The special purpose vehicle floated for this purpose will be called SRI Capital Fund -1.

Sashi Reddi launches 100 million tech-focused early stage fundSindhuja Sukumaran via wiki commons
Atom Funding Thursday, July 12, 2018 - 23:36

In another boost to technology startups in India, a US-based VC fund has launched a new series armed with a corpus of $100 million. SRI Capital is a venture capital firm and is registered in Delaware, US and its managing partner Sashi Reddy is of Indian origin. 

His family office has committed a sum of $20 million for this investment portfolio. The rest will be raised by SRI Capital from other investors, primarily in the US and Europe. The special purpose vehicle floated for this purpose will be called SRI Capital Fund -1.

The target startups could be in India as well as the US and SRI is willing to help early stage funding too, which most entrepreneurs find difficult to raise. The company has indicated that firms working on deep-tech will receive preference when considered for funding.

Sashi Reddy has mentioned that he sees a gap in the funding of those startups in India who are into creating new technologies for their clients in the US. Most of the VCs prefer to support companies with an India-focus. These startups find it equally difficult to convince the US investors to fund their projects, mainly due to lack of proper understanding of the business ecosystem prevailing in India by the US operators. This is the gap that he and his SRI Capital Fund -1 will try to bridge.

This particular funding project will have, apart from Sashi Reddy, US-based Doc Parghi and a couple of more India-based advisory firms, as partners on board.

It has been reported that of the targeted $100 million, an amount of $40 million is already in and the rest would be raised in the coming 6-7 months. The typical ticket size could be $1 million to $3 million and series A funding would be the aim to start with. Where found deserving, individual investments could even go up to $5 million.

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