India-based conglomerate My Home Group is set to create a Rs 5bn ($75m) corporate venturing fund to invest in startups, the Economic Times reported yesterday.
My Home, which operates subsidiaries across the real estate, cement and power generation sectors, is targeting an initial close of $15m for the fund with the remainder to be raised over the next five years.
The conglomerate has established a dedicated research and investment unit that brings together chartered accountants, legal and finance professionals and analysts to identify opportunities. The team has made its first commitments, though details of those deals have not yet emerged.
The fund would invest in both startups and later-stage companies, with one area of interest in the latter case being the pharmaceutical sector. The firm may also conduct buyouts through the unit.
My Home Group is currently trying to expand, bringing on board a young generation of promoters and considering the purchase of stressed infrastructure companies across India.