Early-stage venture capital firm SRI Capital has raised $100m for its maiden fund focused on technology opportunities in the US and India.
The family office of Sashi Reddi served as the anchor, with a commitment of $20m, other participants included Doc Parghi and two advisory partners in India. Other contributions to the fund were primarily from US and European investors.
Investments from the fund will typically be between $1m and $3m and into technology startups in India and the US – SRI will look to invest in future rounds of its portfolio. The firm aims to make six to eight investments a year.
The fund has already been tapped to complete three transactions, personal finance app IndianMoney, surgery loan platform LetsMD and sports news website Sports Flashes.
IndianMoney received a $3m financing round supplied by SRI and Hyderabad Angels earlier in the year. The company provides a personal finance mobile app that helps consumers understand their finances and make more savings.
SRI managing partner Sashi Reddi said, “There is a funding gap for Indian start-ups targeting US enterprise customers. While Indian VCs have struggled to support these US-focused startups, US VCs typically do not understand India-based tech teams. SRI Capital will fill this gap.”
Over the past five years, SRI has invested into 15 startups including autonomous driving software ThinCI, Japanese auto recruitment SaaS offering PhenomPeople, and healthy lifestyle company HealthifyMe.
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