Kyron, the India-based startup accelerator run by corporate consultancy ANSR Consulting, intends to raise $3m for a venture capital fund that will provide bridge capital to startups, DealStreetAsia has reported.
ANSR helps international companies establish IT back offices in India, and last year added $9m in equity capital from investors including VC firm Accel Partners to earlier funding from backers including IT services firm Infosys.
Kyron was set up by ANSR in 2012 and has since incubated 40 portfolio companies according to its website. It invests up to $50,000 for a 5% stake in each startup and helps them subsequently raise money from VC funds and angel investors.
Venkat Raju, Kyron’s managing director, told DealStreetAsia: “We are in a unique position because through our due diligence of startups in our portfolio, we know how the founders think and operate. And we would come in at a sweet spot between angel funding and series A.”
Raju added that Kyron is in advanced talks with prospective investors and intends to invest in up to 500 companies across the US, India, China, Malaysia, the Czech Republic and Argentina over the next four years. It plans to raise the $3m by the end of September 2016.