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Venture Capital | 5 January 2015

Contrarian Vriddhi Fund I Achieves First Close

by Sejal Mourya
Contrarian Vriddhi Fund I Achieves First Close
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Contrarian Drishti Partners has achieved the first close of its maiden R60 Cr fund Contrarian Vriddhi Fund- I at 25% of the commitments.

The commitments for the first close have come from domestic HNI’, however going ahead the fund would be targeting domestic institution to have the final close.

Contrarian Drishti was founded in April 2013 by Somak Ghosh, a banker with over twenty years of experience and one of the 3 co-founders of Yes Bank. Ghosh has also made a personal investment in NBFC Aye Finance last year.

Contrarian Vriddhi Fund-I has so far closed two investments one being in the medical equipment space and the other one being in BookMyCab – the online taxi aggregator of black and yellow taxis.

While the name of the medical devices company has not been disclosed, the investee’s first product (prototype) is an affordable perinatal monitoring device that can continuously record maternal and fetal vital stats ranging from heartbeat to cervical dilation.

Going ahead, the Fund will target to make 2 investments per quarter henceforth, and is focusing on the sectors of affordable education delivery & outcome enhancing aids, energy and utilities access, food & agribusiness, healthcare technologies and income enhancing producer models.

The fund recently shifted its investment strategy to back startups at a much more early stage than previously decided and raise an angel fund. The fund is an AIF Category I Angel Fund and received its SEBI registration in September 2014.

It seeks to make investments starting R 50 lakhs to R5 Cr over 2-3rounds.

Recently, Reservoir Investment Managers reached a final close on its maiden fund, Exfinity Technology Fund - Series I (ETF-I) at R125 Cr. Also, LightBox Management had closed its second fund at $100 Mn (c.R610 Cr) from overseas institutional investors. IvyCap Ventures raised INR 2,445 Mn for its maiden fund aimed at early- growth stage ventures founded by graduates from top colleges including IIT and IIM’s.

Multiples PE Exits South Indian Bank

Multiples PE Exits South Indian Bank

Renuka Ramnath led Multiples Private Equity has sold its residual 3.67% stake in South Indian Bank for a total of R151.14 Cr through an open market transaction. The exit was made at a unit price of R30.4 as against its investment price of R22.13 per unit in 2012.


UTI Ventures Divests its Shares in Ascent Capital

UTI Ventures Divests its Shares in Ascent Capital

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.

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