The International Finance Corporation which is an international financial institution that offers investment, advisory, and asset management services to encourage private sector development in developing countries, has plans of investing $10 million in Bengaluru based VC Firm Stellaris Venture Partners. IFC is a member of the World Bank Group.
This is the third funding commitment by IFC in an India-focused VC fund this year. In March 2017, it proposed to make an equity investment of $3 million in the fund. This investment would be made through the IFC Startup Catalyst (ISC) programme.
Stellaris Venture Partners is an early stage venture fund with investment focus on global SaaS, apps for Indian small and mid-sized business (SMBs) and consumers in large verticals such as healthcare, education, financial services, and retail. This was founded by former Helion Venture Partners executives Ritesh Banglani, Alok Goyal, and Rahul Chowdhri.
The Series A-oriented fund is focused on areas including local language online services, technology-led financial inclusion, supply chain networks, vertical machine-learning applications and global SaaS businesses. The company will look to support 18-20 Indian companies.
In November 2016, IT services company Infosys had announced plans to invest $4.6 million in Stellaris. As per an official statement in February 2017, they had raised $50 million capital commitments from financial institutions, corporates, entrepreneurs, and family offices in the US, Europe and Asia. A recent report released by DIPP and SIDBIstated that Stellaris has already received $4.34 million commitment from the SIDBI. As per a disclosure by IFC, the next close is expected by June 2017.