India Innovation Fund Achieves 1st Close Of Rs 40Cr

Quotes

1. “ We are still confident of achieving the target. ”

   By Rajdeep Sahrawat

2. “ There is a dearth of VC funding, government support and even debt for early-stage product companies. That is where we are stepping in to fill the gap. ”

Entities Mentioned

• Yahoo
• Nasscom
• Canaan Partners
• Satyam Computer Services Ltd.
• Tata Consultancy Services
• Tech Mahindra
• Sharad Sharma
• Jai Menon
• B Ramalinga Raju
• Rajdeep Sahrawat
• ICICI Knowledge Park
• Airtel

1. After several false starts, India Innovation Fund (IIF)—led by IT industry body Nasscom and ICICI Knowledge Park Trust--which was announced almost two years back, is now finally good to go. The fund has achieved its first close of Rs 40 crore--raised from domestic sources such as Tata Consultancy Services, Bharti Airtel Ltd, ICICI Knowledge Park Trust and the department of science and technology. Its launch is as close as in a week or 10 days. The fund had originally planned to raise Rs 100 crore. “We are still confident of achieving the target,” Nasscom ... (Read Full Article)

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