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India's Orios Venture raises $50m

  • Andrew Woodman
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Orios Venture Partners - a VC firm set up by Indian angel investor Rehan Yar Khan - has raised INR3 billion ($50 million) for its first fund.

According to Live Mint, the Small Industries Development Bank of India (Sidbi) committed INR250 billion to the fund, while the remaining capital was raised from domestic high net-worth individuals (HNWIs).

The tech-focused vehicle will invest in eight to 10 Indian companies with typical ticket size of INR5 million to INR200 million.

Orios has a 10-member investing team while the fund has an advisory board of industry veterans including: Google India Managing Director Rajan Anandan; Shaadi.com founder Anupam Mittal; Blue River Capital Managing Director Shujaat Khan; and Raj Chinai, co-founder of Harvard Business Angels.

Khan is a prolific investor in India's start-up space. He has backed 19 global software companies including Druva, OlaCabs, Jigsee (now VuClip), Pretty Secrets and Snapion.

Earlier this month, another newly established India VC - Reservoir Investment Managers - reached a final close on its maiden fund at INR1.25 billion. The fund was formed last year by several Indian IT industry veterans, including Infosys executives V. Balakrishnan and Mohandas Pai.

 

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