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Nasscom-IKP promoted Innovation Fund gets first closing corpus

Last Updated: Thursday, November 5, 2009 - 18:15

Mumbai: NASSCOM on Thursday said that the India
Innovation Fund (IIF) promoted by it and ICICI Knowledge park
(IKP) has achieved its first closing corpus of Rs 40 crore.

IIF is structured as a Securities and Exchange Board
of India (SEBI)-registered fund with the fund corpus being
created through institutional contributions from firms
representing the targeted investment areas of the fund.
IIF is being managed by the IKP Investment Management
Company (IKPIMC).

The first closing corpus of Rs 40 crore will be scaled
up to Rs 100 crore, a release issued here said.

TCS, IKP Trust, Department of Science and Technology
(GoI) and Bharti Airtel are anchor investors in the fund.

A unique feature of the IIF model is the collaboration
of large, diverse institutions as anchor investors who not
only provide the capital but more importantly provide the
investing companies with market access and technology
development guidance.

It is also the first public-private partnership of this
scale providing funding to entrepreneurs, the release said.

IIF is an early-stage fund and has been created to
promote Intellectual Property (IP)-driven innovations in
frontier or emerging technologies through patient investments.

The fund is targeted at early-stage companies in the ICT
and life-sciences sectors, the release said.
IKPIMC has appointed former NASSCOM President Kiran
Karnik as the Chairman of its board. The board also comprises
Dr Bala Manian, a renowned serial entrepreneur with several
successful start-ups in the US to his credit and IKP`s
Managing Director & CEO, Deepanwita Chattopadhyay.

The investments of the fund will be overseen by an
investment committee constituted with eminent industry
experts, it said.

As of now, IIF has identified the following sectors as
key focus areas for investment--Automotive Infotronics &
Intelligent Transport Systems, Telecommunication Technologies,
Drugs and Pharmaceuticals, Medical Devices and Information
Technologies with multi-sector application.

These sectors have been identified based on the need
for disruptive technology innovations to meet the increasingly
sophisticated domestic demand in these areas and the potential
for India based innovations to acquire a global footprint, the
release added.

Bureau Report

First Published: Thursday, November 5, 2009 - 18:15
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