Bullish investor Rakesh Jhunjhunwala, who manages his own money through his Rare Enterprises, is is all set to take the first step towards investing in India's piping hot startup scene. The billionaire investor, who often referred as India's Warren Buffett, will invest in a venture capital fund - Exfinity, that looks at technology startups, according to a report by ET NOW.
The report also says that Jhunjhunwala is the biggest investor in Exfinity's second fund, where it is looking to raise a sum of Rs 250 crore. Others who have shown interest include Sidbi venture capital and SBI.
With net worth of over $1.90 billion, Jhunjhunwala is 56th richest person in India.
Sources say he is investing in Exfinity because it is focused on the business to business or B2B space, where valuations are more reasonable. He along with Ratan Tata had raised concerns over business model and exaggerated valuations of e-commerce companies in India.
Exfinity Venture Partners was floated by India's prominent technology industry veterans such as former Infosys board members V Balakrishnan, Mohandas Pai, former Wipro execs Suresh Senapaty & Girish Paranjpe and ex i-flex top exec Deepak Ghaisas. It typically invests in technology ventures in the B2B space.
Jhunjhunwala is the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sits on the board of directors of over dozen Indian companies including Prime Focus Limited, Geojit BNP Paribas Financial Services Limited, Provogue India Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited and Tops Security Limited.
Advertisements