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India's YourNest launches $45m early stage fund

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Indian venture capital firm YourNest has launched its second fund for early-stage investments with a target size of INR3 billion ($45.1 million).

The fund, YourNest India Fund II, will provide pre-Series A funding to 25-30 start-ups in the technology and technology-enabled spaces over the next four years. In a release YourNest claimed to have more than 4,000 start-up proposals under consideration. Support for the fund is expected to come from Indian high net worth individuals, global and Indian institutions, and fund-of-funds.

YourNest has supported a number of Indian tech start-ups through its previous vehicle, YourNest Angel Fund. Among its most prominent investments is taxi aggregator and ride-hailing app BookMyCab. YourNest contributed to the start-up's Series A round alongside Mumbai Angels in 2012, and later exited its stake when the company was bought by rival Jugnoo.

Contributors to YourNest's initial fund included Vivek Mansingh, an entrepreneur and investor who has also occupied leadership roles at Cisco, Hewlett-Packard, Dell and Fujitsu. Mansingh has now joined YourNest as a general partner; he is expected to help with the firm's mentorship capabilities as well as guiding the GP's investment strategy.

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