Networking equipment maker Cisco, enterprise software producer SAP and IT services firm Infosys have backed India-based venture capital firm Stellaris Venture Partners first fund, Times of India reported on Monday.
Stellaris raised an initial $50m for the fund in early 2017 and is targeting a $100m final close. It is focusing on consumer and business-orientated startups from sectors including cloud computing, the internet of things, machine learning, enterprise applications and analytics.
The firm’s portfolio already contains customer and employee support developer Whatfix and business-to-business e-commerce platform Wydr.
The fund has also attracted capital from the state-backed Small Industries Development Bank of India, as well as undisclosed additional family offices and individual investors.
Cisco reportedly made a $10m contribution through its corporate venturing arm, Cisco Investments. Infosys provided $4.6m for the fund from its $500m Innovation Fund in November 2016.