IFC may invest upto $5Mn in Infuse Capital - an incubation and early stage fund aimed at seeding and supporting scalable ventures in India through equity investment up to US $1.5Mn per venture.
Infuse is housed at Indian Institute of Management Ahmedabad's business incubator – the Centre for Innovation Incubation and Entrepreneurship ("CIIE") - and currently backed by BP Ventures (BP's corporate venturing arm) and Government of India's Ministry of New and Renewable Energy (MNRE) & Technology Development Board (TDB).
Infuse aims to raise a US$25 Mn fund that will invest in technology and business model innovation based entrepreneurial solutions across the cleantech vertical. INFUSE will bridge the early-stage equity gap in this sector and simultaneously build an enabling ecosystem for eco-ventures in India.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.