India-based Canbank Venture Capital Fund is reportedly to raised R1,000 crore ($224m) in the next financial year from its financial services corporate venturing investors.
Local news provider the Business Standard said Canbank also closed a R500 crore Emerging India Growth Fund last month from 18 banks, including cornerstone investor Canara Bank. Canara Bank set up Canbank in 1989 as the first public sector bank to launch a venture capital (VC) fund.
The next fund would be double the size and floated in order to bypass regulations restricting banks’ commitments to closed-ended private VC funds, Business Standard said after an interview with Canbank director D S Anandamurthy.