Singapore's Prestellar raises $100m VC fund
Prestellar Ventures, a Singapore-based GP backed by two Nepalese companies as well as Indian microfinance institution Satin Creditcare and India-focused investor Frontline Strategies, has raised a $100 million fund.
The vehicle will target start-ups in India, Sri Lanka, Bangladesh, and Nepal, making pre-Series A investments of $2-3 million, according to the Press Trust of India. Prestellar lists its areas of interest as hospitality, consumer, financial services, education, and rural products and services. The GP claims extensive operational experience taking companies into India, Southeast Asia, and the Middle East.
The two Nepalese sponsors are CG Corp Global, which has 112 subsidiaries covering everything from fast moving consumer goods to financial services, although it is best known for the Wai Wai instant noodle brand; and N.E. Group, a family-owned business with interests in hospitality, consumer goods, and financial services. The latter is a Nepal-based joint venture partner to the likes of Unilever.
Satin claims to be India’s fifth-largest microfinance institution by gross lending portfolio, with INR33 billion ($514 million) in assets under management as of March 2016. Earlier this year it received a INR667 million investment from the Asian Development Bank.
Frontline has been making growth investments in India since 2000 and currently manages two funds: the Strategic Ventures Fund, which closed at $56 million in the year of the firm’s founding; and the India Industrial Growth Fund, a $33 million vehicle from 2007. It also operates the CCube Angel Network, a network of financial services professionals who club together on early-stage deals.
“This ambitious fund aims to invest in products and projects which will enhance and improve people’s lives on a large scale in the identified countries," said Binod Chaudhary, chairman of CG and a director of Prestellar. "Investing in the forefront of innovation is critical to keep traditional businesses such as CG Corp Global relevant in the future.”
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