Mumbai: SONG Investment Advisors India Pvt Ltd, backed by the Soros Economic Development Fund, Omidyar Network and Google, said on Monday that it has made an investments worth $4 million in India across two companies - K-12 Techno Services and Eye Q Vision.
The funding marks SONG’s debut in the Indian venture capital space. Andhra Pradesh-based K-12 Techno, a school management company also received funding from Sequoia Capital India. SONG’s fund has an academic partnership with the Centre for Emerging Markets Solutions (CEMS) at the Indian School of Business (ISB) in Hyderabad.
The $17 million fund, which targets small and medium enterprises, is looking to make investments in the range of $5 lakh - $3.5 million. Professor Reuben Abraham, senior advisor to the fund and executive director of CEMS at the ISB, said in a media statement. “Our aim is to be a catalyst in improving access to risk capital in the SME segment, which is crucial to job creation. In addition, we like to focus on sectors that can contribute significantly to the socio-economic development of India, like education, healthcare, agriculture etc,” he said.