Nilekani-Backed Fundamentum Launches AI, Deeptech Fund
The fund will back 12 to 15 AI and deeptech startups as Indian venture investors sharpen their focus on frontier technology.
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[Image source: Krishna Prasad/MITSMR Middle East]
Fundamentum Partnership co-founder Ashish Kumar has launched Fundamentum Frontier Advisors, a new investment vehicle targeting ₹2,000 crore, or about $210 million, to back artificial intelligence and deeptech startups, Moneycontrol reported.
Infosys co-founder Nandan Nilekani will anchor the fund, which will operate under the broader Fundamentum umbrella, Kumar told Moneycontrol. The target corpus includes a ₹1,000 crore, or about $104 million, greenshoe option.
F2A plans to invest ₹50 crore to ₹150 crore each in 12 to 15 startups, with four to five investments expected over the next six to nine months.
The fund will focus on companies using AI and deep technologies to create outsized business value.
F2A has hired former SIDBI Venture Capital executive Debraj Banerjee as general partner and plans to expand the team further.
Fundamentum has previously backed companies including Spinny, Kuku FM, PharmEasy, and AppsForBharat.
The firm has raised two funds so far: a $100 million debut fund and a $227 million second fund.
Kumar said Fundamentum co-founder Sanjeev Aggarwal is weighing future fundraising plans for the firm, while Kumar will continue managing existing portfolio relationships over the next three to six years.
