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Jan 12, 2018 06:30 PM IST | Source: Moneycontrol.com

Startups Ahoy! YourNest plans to close a Rs 300 crore fund by July

While its first fund had a corpus of Rs 90 crore, YourNest invested across 16 startups from that fund.

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Early stage investment fund YourNest is targeting to close a Rs 300 crore fund in the next two quarters and invest across 25-30 startups over the next three years.

"This fund should close in the next couple of quarters. We are already about 60 percent done," said Girish Shivani, co-founder of YourNest in an interaction with Moneycontrol.

According to Shivani, out of the 60 percent of the fund or about Rs 180 crore, only about Rs 45 crore have been utilized right now and the rest will be drawn as and when it is required.

"We have only called for about 25 percent of the capital right now but 60 percent of the money is issued in terms of commitment,' he said adding that they have already started deploying from this fund.

This is the second fund of YourNest. It received a SEBI registration for the same in September 2016.

Its first fund had a corpus of Rs 90 crore and YourNest invested across 16 startups from that fund.

The venture fund will be investing ticket sizes in the range of USD 0.5-2 million across startups through its second fund as it plans to focus on sectors such as artificial intelligence, advanced robotics and enterprise software among others.

Speaking on the fund's budget expectations, Shivani said that the government has already announced multiple schemes and policies. "The need of the hour is to ensure their proper implementation," Shivani said.

"There are small little things in the ecosystem which are currently neglected. There is an Electronics Development Fund (EDF) and there is an India Innovation Fund run by SIDBI. It is expected that if you take money from one of them, you can't raise money from the other. It doesn't make sense. That was not the intent with which the government launched these two platforms," he said.

"If the government's focus is to build the ecosystem and use this as an employment generation opportunity. If they have two vehicles then both of them should collaborate and support the system," he added.

Both of them are a fund of funds. While one focuses on small and medium enterprises, the other one focuses on products.

Shivani also suggested that the angel tax rule should be removed.

The angel tax rate in India currently stands at a whopping 30 percent, which according to Nasscom resulted in a 53 percent drop in angel funding during the first half of 2017.

"We don't want new reforms. We want what is there on the table to be taken care of," he said.

"If you want the ecosystem to grow you have to have a certain amount of faith in the ecosystem also. I am not saying that the government should not put checks and balances but shouldn't make it (tax) a tool of persecution," he added.
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