KOCHI: In a major boost to the country's first telecom incubator 'Startup Village', market regulator SEBI has approved the Startup Village angel fund of $10 million that could go up to $20 million with a 'Green Shoe' (over-allotment) option.
The approval for the angel fund, which would address the problem of resource crunch for startup companies across the country, came from SEBI through a notification issued on April 23, a press release here said.
The focus area of the fund will be Telecom/Internet, and it would start investing once the initial close of $2 million is achieved.
KPMG is Advisor and ILFS is Trustee of the fund. Welcoming the SEBI's approval, Kris Gopalakrishnan Infosys co-founder and Startup Village chief mentor said, "It will act like a shot in the arm for Startup Village, which would become the first incubator in India to have its own in-house fund. It will help the Internet-Telecom incubator to get the most conducive ecosystem for product startups."
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