New Delhi: Early stage venture capital fund SRI Capital has launched a $100 million technology focused fund for the American and Indian markets, the company said in a statement on Thursday.
Hyderabad-based SRI Capital is managed by veteran investor Sashi Reddi and operating partner Doc Pargh, who is based out of Philadelphia. The fund has secured a $20 million from the family office of Reddi and will raise capital primarily from investors in the US and Europe.
The new fund will invest $1 million to $3 million in each of its portfolio companies and plans to invest in six to eight startups in a year. SRI Capital has previously backed US-India model based startups including over-the-top-platform Yupp TV, budget hotels aggregator FabHotels and Healthify me, a lifestyle startup among others.
“There is a funding gap for Indian startups targeting US enterprise customers. Indian VCs have struggled to support these US focused startups whereas US VCs typically do not understand India-based tech teams. This is the gap that SRI Capital will fill," said Sashi Reddi, managing partner at SRI Capital.
In the last five years, SRI Capital has invested in 15 startups.
The fund has already invested in three startups in the country—LetsMD, a fintech company in the healthcare sector ($1 million); IndianMoney, a Bangalore-based financial education company (up to $3 million); and SportsFlashes, a sports content application (up to $1 million).
SRI Capital is a US registered fund that launched its operations in January 2018.