IDG, Axilor launch India early-stage fund

The Frontier Tech Innovators Program (FTIP) will invest in companies developing frontier technology – emerging technologies based on cutting-edge research that have yet to achieve widespread commercial adoption. FTIP’s areas of focus are expected to include industries like virtual and augmented reality, drones, robotics, artificial intelligence and blockchain.

Support will primarily be directed at start-ups less than three years old looking to raise seed or pre-series A rounds. Applications for the program have already opened and will close on March 24.

“We believe 2017 will be the year of frontier tech in India and several world-class companies will be built. Some of these companies will have a global footprint, and others will innovate for the next 6 billion people,” said IDG Venture Partner Sanat Rao in a statement. “Our endeavor is to reach out to this next wave of path-breaking product start-ups.”

Axilor runs start-up accelerator programs twice a year and supports Indian entrepreneurs through its seed fund, committing a maximum of INR1 million ($15,000) to each company. Since its founding in 2014 the firm has supported more than 40 start-ups.

IDG Ventures India is part of the global IDG Ventures network of funds, which manages more than $4 billion worldwide. The firm is currently raising its third fund, which launched last year with a target of $200 million. The International Finance Corporation (IFC) is considering a commitment of up to $20 million in the vehicle.

IDG typically invests in technology-focused Indian companies at the Series A and B stages, with particular focus on the consumer internet, software, health, and financial services industries. Recent deals include re-upping in a $30 million Series C round for online home rental start-up NestAway.

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• Topics
• South Asia
• Fundraising
• Venture
• GPs
• Technology
• India
• IDG Ventures
• seed