Bengaluru: Early-stage venture capital firm YourNest has launched its second fund, YourNest India Fund II, with a corpus of Rs300 crore, the firm said in a statement on Tuesday.
YourNest has also roped in Vivek Mansingh—a technology veteran who had earlier served as president of the collaboration and unified communication group at Cisco Systems and head of Dell India’s research and development—as a general partner.
“I have been an angel investor and advisor to venture capital firms for over 20 years. The reason I have decided to join YourNest is to realize my passion to engage with early stage start-ups and founders to co-create successful global businesses,” Mansingh said in a statement.
Mansingh is also an investor in YourNest’s first fund, YourNest Angel Fund I, which, according to the firm, saw subscriptions from 144 individual investors and three institutional investors: IIFL Seed Ventures, Northgate Capital and Small Industries Development Bank of India’s India Opportunity Fund. The first fund had a corpus of Rs90 crore.
YourNest was founded in April 2011 by Sunil Goyal, who had handled several key roles in Bharti Airtel Ltd; Sanjay Pande, former director at fashion e-commerce portal Utsav Fashion; and Girish Shivani, a senior executive at Teradata India Pvt. Ltd.
The company has so far backed 16 start-ups, including speech recognition solutions company Uniphore, financial technology start-up Rubique, parenting blog and children’s event discovery platform Mycity4kids and location-based store discovery app Fashalot.
The firm claims to help start-ups with additional services around strategy, technology, go-to-market planning, sales, marketing and finance, as well as subsequent fund-raisers.
“We firmly believe that the best in the Indian start-up world is yet to come. Our belief is strengthened by the large number of Indian corporate leaders, and change makers, who have joined us as investors. Early-stage investing will continue to be our forte. With our team of seasoned advisers, four dedicated fund managers and a growing pool of mentors and active investors, we plan to build on the momentum created with the first fund,” said Goyal, founder and chief executive at YourNest.
With the fresh funds, YourNest plans to invest in 25-30 technology start-ups in the next three to four years, especially in sectors such as the Internet of Things, electronic system design, artificial intelligence, advanced robotics, enterprise software and mobile Internet.
YourNest’s new fund comes at a time when investors have become cautious about their bets.
Venture capital investment in the country plummeted 58% in the June quarter from the previous three-month period, according to a report by consulting firm KPMG and CB Insights.
Venture capital firms ploughed $583 million into India in April-June, down from $1.4 billion in January-March, said the report.