Silicon Road plans $5 million fund for startups

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Silicon Road Ventures (SRV), a US-based retail-only venture capital firm, founded by Mysuru-based entrepreneur and investor Sid Mookerji, is looking to set up a SEBI-registered alternative investment fund (AIF) to invest in early stage start-ups.The AIF will be set up with an initial corpus of $5 million and is expected to be operational within a year, Sanjay Srinivasmurthy, Director & Head of India operations said. “We are waiting for Covid-19 pandemic to subside so that we can file an application with the SEBI for approval,” Srinivasamurthy told DH.He said Silicon Road also plans to onboard some other investors. “We are currently talking to some other investors. We expect some of them to join us by early next year,” he said.By February next year, the company plans to shape up the new AIF. It will be launching its third startup cohort by then. Once the new AIF is set up, the company will be increasing its investment in early stage start-ups to Rs 50 lakh per start-up. SRV provides retail tech start-ups with funding and ability to test their product in real-world retail environments. By connecting them with retailers, SRV is focused on bridging the innovation gap in retail. Through the …

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