Private equity veteran Manish Kheterpal launched WaterBridge ventures with a fund of $15 million for startups.
It is a SEBI registered, early stage startups fund with initial focus on Seed and Series A funding in the technology startups.
WaterBridge Ventures will primarily look to invest between Rs 75 lakh and Rs 3.5 crore in 12-15 ventures, and has a fund life cycle of 5-7 years, according to Kheterpal.
“This is the best time to launch a new fund because the entrepreneurial activity has not come down as the ecosystem is maturing more now, and some froth is coming out,”
Kheterpal told ET.
The fund has been largely backed by a number of family offices, high net-worth individuals and companies, making it one of the rare investment vehicles to have actively tapped domestic institutional investors. Kheterpal, however, declined to disclose the names of the fund’s backers, citing confidentiality.
WaterBridge Ventures, which has made its first close at $5 million, is the latest VC fund to be launched in 2016, which has already seen the entry of numerous investment vehicles looking to place early-stage bets on India’s startup ventures