In what could be considered as a sure short good news for the Indian tech industry, two of India's most acknowledged businessmen, Infosys co-founder and tech billionaire, Nandan Nilekani and venture capital veteran and founder of BPO-firm Daksh, Sanjeev Aggarwal have come together and set up a whopping USD 100 million venture fund.

Being called as ‘The Fundamentum Partnership’, the venture fund will act as a scale up platform for startups that have successfully achieved a certain product market fit and are now looking to grow. It will be leading investments rounds ranging between USD 10-25 million in such aforementioned startups.

Though initially Fundamentum is being set up with an initial corpus of USD 100 million but if the demand arises, the two businessmen are ready to extend it by another USD 100 million, taking the total amount of the fund to USD 200 million.

The venture fund, which will be backed by long-term institutional investors, has decided to specifically focus its attention on the consumer technology space, especially ventures are working towards solving problems unique to India and its citizens, and enterprise technology/outsourcing companies that cater to global corporations.

Further, what makes this venture fund stand out from others in the industry is the fact that the Fundamentum founders have decided not to charge any fund management fee or carried interest.

Both Both Nilekani and Aggarwal are well-respected names in the Indian business world, having played crucial rules in building big technology firms in the South Asian country.

In the past, Nilekani has invested in a number of startups like ShopX, RailYatri, LetsVenture, Sedemac and Power2SME in his personal capacity, but going forward, he has decided to invest in the Indian startup ecosystem only through Fundamentum.

On the other hand, Aggarwal has had a record worthy trajectory at scaling up investments at Helion Venture Partners (which he co-founded) with several Indian startup biggies like BigBasket, MakeMyTrip and ShopClues, among many others. Aggarwal has decided to continue to managing the portfolio of Helion Venture Partners along with other co- founders.

Talking about the venture fund, Aggarwal said, "Ten years ago, with Helion, the attempt was to participate in creating a ‘startup’ ecosystem in India and now with Fundamentum, we want to help build a much needed ‘scale up’ ecosystem in the country."

Voicing his excitement about Fundamentum, Nilekani said, “India continues to be blessed with phenomenal entrepreneurial talent and the attempt with this platform will be to see how we can amplify their success. At Fundamentum, we are committed to building companies to last, with speed and at scale."

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