According to IFC website, the project is for an equity investment of $10 million in Stellaris Venture Partners India I, a self-managed closed-end fund domiciled in India with a target size of $100 million. The Fund had its first close in Jan 2017 and an expected next close in June 2017. The Fund seeks to focus primarily on Series A and pre-Series A investments in technology and technology-enabled companies in India, and currently has two investments in its portfolio - Whatfix and Wydr. The project has the following development impact:
1. Global expansion of local businesses: In the current fund, IFC will be supporting 18-20 innovative Indian companies to grow and gain access to international capital markets.
2. Supporting innovation and technology: Stellaris invests in early and growth stage technology firms, supporting and empowering entrepreneurs and innovation.
3. Job creation and economic growth: According to IFC's experience, venture capital funds such as Stellaris contribute meaningfully to job creation and economic growth.
4. Financial inclusion and access to capital: Access to long term equity capital is difficult for asset light businesses such as technology firms, and IFC commitment would provide necessary risk capital for such businesses.
5. Governance, operational and E&S improvements: IFC will guide the fund manager and ensure that local businesses implement best practices in various fields.
The Fund is a self-managed closed-end fund and has appointed Stellaris Advisors LLP., as its investment advisor. Stellaris was established in March 2016 by Alok Goyal, Ritesh Banglani, and Rahul Chowdhri. All three general partners were previously partners at Helion Ventures.
Project Contact: Alok Goyal
General Partner, Stellaris
Contact No.: +91-9971555922
Email Address: email@example.com
Office Address: Inhwa Business Center, Iris Tech Park, Sohna Road, Sector 48, Gurgaon
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