Cross-border early stage venture capital fund Mantra Capital has launched a $60 million US-based fund to invest in tech start-ups.
An initiative with which three veteran entrepreneurs Jay Krishnan, Srikanth Chintalapati and Kevin Jacobs are involved, the fund has begun scouting for start-ups in India and international markets like the U.S. to make its initial investments.
Of the $60 million, it has already raised $24 million. The focus will be to invest in seed and pre-series “A round” start-ups with advanced solutions for human good in three specific themes – ‘What we eat’, ‘Where we live’ and ‘How we thrive.’ Food and agritech, circular economy and health-tech are the focus sectors.
Start-ups with products and solutions harnessing the power of Artificial Intelligence, Machine Learning, Blockchain, Photonics and Robotics will attract the fund, a release issued at launch of the fund here on Wednesday said.
General Partner at Mantra Capital Mr. Krishnan, one of whose key assignments was that as founding CEO of tech start-up incubator T-Hub, said the fund will focus on scaling innovative solutions that have rapid acceleration potential and can solve problems locally with a massive global impact.
Srikanth Chintalapati, also a General Partner, said the target is to close the first fund by the end of 2020.
Mantra Capital will be keen to invest in start-ups in sectors like foodtech and agritech that use technologies and processes that significantly impact humankind and are operationally intensive, he said.
While Mr. Krishnan will head the deal flow in India, handling product management and business development for the portfolio start-ups and bringing in global partnerships, Mr. Chintalapati will be responsible for supporting Indian portfolio start-ups in product development as well as scaling their operations and distribution in the country. The release said Mr. Jacobs, another General Partner, will be handling the U.S. deal flow, assessing the target start-ups, as well as managing exits or merger and acquisitions of the portfolio companies.
