Pan-IIT Alumni India, the alumni body of all IITs (Indian Institutes of Technology) in India, is working on setting up a Rs.1,000 crore venture capital fund to focus on social impact enterprises and the startup ecosystem, reported ETTech today. This will be the first such VC fund by the association.
PanIIT Alumni India brings together alumni of all IIT institutes and offers a platform to take up initiatives and projects in which IITians can participate.
The alumni group will raise the fund through several avenues including alliances with financial institutions as well as through its large network of IIT-ians, Ashok Madhukar, chairman of Pan-IIT Alumni India, told ET. He said it will take about 18 months to create the fund. Notably, a lot IIT graduates in India are running successful ventures in the country and abroad. Sachin & Binny Bansal’s Flipkart and Narayanmurthy founded IT giant Infosys are two such examples among many.
“The VC fund will be part of a larger enterprise development programme that we are kicking off soon. Through this programme, we will support networking, entrepreneurship and access to finance among other things,” Madhukar said, adding that the programme is expected to kick off from April’17.
The fund will have a significant focus on entrepreneurs coming out of IITs. Several other VC funds such as that of the IvyCap Ventures have placed almost exclusive focus on startups founded by alumni of premier education institutions, mainly the IITs and IIMs.
As part of its other programmes, the IIT alumni group will also start a knowledge centre in Chennai
The group is also working with Saurabh Chandra, former secretary of the department of industrial policy and promotion (DIPP), who is also an IIT alumnus, to create a compendium that will include all startup-related initiatives and incentives by the government.