The head of a Mumbai-based hedge fund that invests in high-profile startups has come up with an idea to help pay for $3 million in cash-rich deals.
The idea comes as Indian Prime Minister Narendra Modi prepares to address a joint session of parliament next week, where he will be able to announce plans for a $3 billion investment in his nation’s high-tech industry.
The fund, called M&As Capital, is offering $3,500 for each $5 million cash infusion it raises.
That is the equivalent of about $100 in today’s dollars, said Mukesh Makhijani, chief executive officer of the Mumbai-headquartered fund.
Makhijanai said the fund is focused on investments in India’s fast-growing high-growth industries, including technology, media and finance.
The fund is already in talks with companies that are looking to fund a high-stakes deal with M&M Capital, he said.
In recent months, India has witnessed a surge in funding for startups in India, where capital has been pouring in, especially from Silicon Valley, to help drive innovation.
The number of high-technology startups in the country rose to 6,700 from 2,700 a year ago.