Singapore-based venture capital firm Prestellar Ventures has raised $100m for a fund that counts Nepal-headquartered conglomerates CG Corp Global and NE Group as general partners, Business World has reported.
The fund’s other GPs are India-based microfinance provider Satin Creditcare and Mauritius-registered private equity firm Frontline Strategy.
Prestellar will invest in startups operating in the hospitality, consumer, financial services and rural product and services sectors, and is targeting deals in India, Sri Lanka, Bangladesh and Nepal in South Asia, as well as in Southeast Asia.
In addition to putting up capital for the fund, the GPs will also provide portfolio companies with business development and sales opportunities, particularly in local markets where the startups can be matched with partners on the ground.
Binod Chaudhary, chairman of CG Corp, is a director at Prestellar. He said: “Investing in the forefront of innovation is critical to keeping traditional businesses such as CG Corp Global relevant in the future.”