$25 Million NASSCOM Innovation Fund To Be Operational In 3 months
[by Cerius Shah] There seem to be more seed capital announcements floating around than business releases these days. The National Association of Software and Services companies have launched a $25 million seed fund in collaboration with ICICI Knowledge Park. Investors also include Tata Consultancy Services and Airtel. The fund is expected to be operational in three months with follow on rounds expected to be in the range of $40 to $50million.
My only hope is that typical Indian VC fashion they start saying it’s all seed funds for innovation and end investing like bankers when all risk is removed. Innovation will not happen unless seed funding is done on a gut feel for potential impact and not some stupid revenue projections that nobody knows for sure at a seed stage. Given all past Indian Seed funds, I am not holding my breath too much!