Bengaluru-based venture capital fund Fundamentum which was launched jointly by Infosys co-founder, Nandan Nilekani and Hellion Ventures co-founder Sanjeev Aggarwal, has now raised $20 million funding from Canadian pension fund Caisse de Dpt et Placement du Qubec (CDPQ).
Michael Sabia, CEO of CDPQ said, The Fundamentum management team has a remarkable track record in the technology sector. By fostering long-term investments and acting as a mentor to companies, the team provides an entrepreneurial approach that is fully aligned with that of CDPQ. As India ranks as the worlds third-largest technology start-up hub, this new partnership will enable the selected start-ups to scale their businesses and participate in one of the fastest growing parts of the countrys economy. We view this as the beginning of a long-term partnership leading to subsequent rounds of investment.
The Fundamentum was launched last year with a $100 million fund and focus on mid-stage consumer technology and software startup. Sanjeev Aggarwal and Nandan Nilekani together invested $35 million at the time of launch. The venture capital fund plans to invest in 8-10 startups with the funding of $10-$15 million.
Nilekani commented, We are pleased to welcome CDPQ to the Fundamentum platform. We will greatly benefit from CDPQs knowledge of global trends and deep investment expertise. Both Fundamentum and CDPQ are bullish about the opportunity to build a host of large and enduring world-class organizations out of India, in the next decade and beyond. I expect this long-term partnership to deliver tremendous value to the technology entrepreneurship ecosystem in the country.
The founders further revealed that the fund will increase up to $200 million if more opportunities worth investing opens up.