VenturEast announces $150 mn fund

NEW DELHI: VenturEast, previously APIDC Venture Capital on Wednesday announced a $150 million (Rs 600 crore) 'Proactive Fund' with the objective to invest in both early stage as well as growth stage of technology space.

A significant focus of the fund will be to invest in businesses that address the needs of the digital divide or bottom of the pyramid markets and the needs of SMEs, the fund manager said in a release.

The fund already has commitments close to $100 million from diverse range of marquee global investors, it said.

The investor includes, LIC and IFC, the World Bank private sector lending arm.