IFC plans to invest 100-125 million USD in Nandan Nilekani’s growth fund

This comes a day after CDPQ, a Canada-based institutional investor, had invested 20 million dollar in the fund. Though IFC did not disclose the quantum of the money it plans to invest, but it has mentioned on its website that the size of the fund may be $100 to $125 million. As per IFC disclosure, it has proposed an equity investment in the fund.

The proposed project is an investment in The Fundamentum Partnership ? Fund I, a closed-end fund structured as a contributory trust domiciled in India with a target size of 100 to 125 million dollar, registered with the Securities and Exchange Board of India (“SEBI”) as a Category I Alternative Investment Fund under the SEBI (AIF) Regulations, 2012. 

The Fund will invest in equity and equity linked instruments in 7-10 technology and technology enabled companies across sectors such as healthtech, eLogistics, B2C niche retail and services platforms, B2B commerce platforms, enterprise SaaS that may leverage machine learning, artificial intelligence and internet of things based technologies.

The Fund is governed by Vistra ITCL (India) Limited (“Trustee”) which will exercise control and supervision over operations. The Fund is co-sponsored by Nandan Nilekani and Sanjeev Aggarwal. Aggarwal will be engaged by the Fund to serve as its investment advisor.