SD Shibulal and Kris GopalaKrishnan, the Infosys co-founders who recently passed their baton are back in the business. They have teamed together once gain to set up an incubator called Axilor Ventures. Through their incubator they wish to mentor and back early stage startups and invest upto $1 million in each startup they choose. Srinath Batni, an Infosys veteran, who had previously led the delivery operations at the company, has also joined hands with Shibulal and GopalKrishnan for Axilor.
Axilor ventures is looking forward to mentor technology focused startups in areas like healthcare, e-commerce, wearable technologies and also those companies that develop technology for sustainable business. Axilor is expected to go live from the end of November.
“We all have a fund of our own. The idea is to now jointly invest if we are excited about any startup” said Gopalkrishnan in a statement to Economic Times. He refused to divulge any details about the quantity of the investment corpus but made it clear that all the investments would either be “seed or angel”.
According to V Ganapathy Subramanian’s statement to Economic Times, “We are looking to invest anywhere between Rs. 30 lakhs and Rs. 6 crore”. Subramanian has earlier been the head of planning and strategy at Infosys and is currently the CEO at Axilor Ventures. More clarity on the investment focus and the quantum of investments will only be available after the incubator is launched officially.
Infosys co-founders and Ex Top managment position holders are pouring money in Indian Startups especially in Bnagalore region as earlier, Bangalore based start-up Clonect Solutions got funding from Ex-Infosys CFOs.
According to NASSCOM, around 800 startups are launched every year in India and by 2020, there would be around 11,500 startups employing over 2.5 lakh people in India.
Infosys veterans for long have been actively participating in the booming Indian Startup sector Catamaran Ventures run by Narayana Murthy’s family is one of the examples of industry veterans taking interest in the Indian startup scene. Narayana Murthy was the former Chairman at the software services company. NS Raghavan, who is a co-founder at Infosys, has also set up Ojas Ventures, a technology investment firm which has backed startups like interactive technology developer TELiBrahma and Vizury, an internet marketing company.