The fund aims to raise up to £5 million (Rs 45 crore) per year and is expected to announce its first close at £2 million (Rs 18 crore) by July-end this year
Ascension Ventures, a London-based early stage VC fund managing SEIS and EIS funds and Unicorn India Ventures, a Mumbai-based early stage VC funds have launched Indo-UK EIS fund.
The fund aims to raise up to £5 million (Rs 45 crore) per year and is expected to announce its first close at £2 million (Rs 18 crore) by July-end this year.
An EIS (Enterprise Investment Scheme) is a tax relief scheme offered by the UK government through which investors can avail income tax relief for their investments in small companies based in the UK.
“The fund represents a double benefit, where EIS tax reliefs afforded to UK investors can significantly reduce their capital risks and an entry into India offers a unique exposure to one of the largest and fastest growing economy in the world,” said Jean de Fourgerolles, Partner, Unicorn Ascension EIS fund, and founder, Ascension.
The Unicorn Ascension EIS Fund will enter pre-Series A funding stage in a UK-based startup, which is building products and services relevant for Indian market.
The investment teams will be based in London, Delhi, Mumbai and Bangalore.Bhaskar Majumdar, Partner Unicorn Ascension, EIS Fund said: “It is encouraging to see that companies from the UK have already started venturing into the Indian market. Companies like Falcon Media have successfully launched their products and others like Deliveroo have expressed their intent of entering too. Our team has already identified compelling investment opportunities through proprietary networks that have been developed after years of experience.”The Great Diwali Discount!
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