India Inc flocks to Exfinity, a venture capital fund floated by leading technology executives in Bangalore

Exfinity, a venture capital fund floated by leading technology executives in Bangalore has been attracting interest from executives in various sectors, an indicator of an increasing appetite to fund startups in India. The fund, which is planning to raise Rs 125 crore in the first round, is also close to making its first investment.

CFOs in particular, seem to have a penchant for this fund. People familiar with the development told ET NOW that some of Exfinity's recent investors include UB Group’s finance head Ravi Nedungadi, Ravi Sud, CFO of Hero Moto Corp and Suresh Senapaty, the CFO of Wipro. There were no details available on how much each individual had contributed to the fund.

Exfinity was floated by professionals including former Infosys CFOs Mohandas Pai, V Balakrishnan, former Wipro joint CEO Girish Paranjpe and former iFlex Solutions CEO Deepak Ghaisas, with the aim of funding technology startups in India.

Sources told ET NOW that Exfinity is close to making its first investment in a Bangalore-based technology startup with a sum of Rs 3-5 crore. The investors also hope to close the first round of fund-raising by the end of this month.