Former fund managers from KKR & Co and British International Investment Plc are planning to raise up to $250 million for a new fund that will invest in technology-focused startups in India, according to a report by Reuters.
Ajay Candade, who until recently led KKR’s growth tech business in India, and Nikhil Balaraman, who was previously head of South Asia tech investment at BII, are the co-founders of venture capital fund, Fractal Growth Partners (FGP), which according to unnamed sources, will look to make ‘scale-up’ investments of between $10 million and $15 million in companies that have moved past the seed funding phase. FGP will also reportedly invest in software as a service and business to business companies.
The unnamed sources have also confirmed that FGP is in the process of raising between $200 million and $250 million and has already attracted some domestic and overseas investors.
