Early-stage venture capital firm Mantra Capital is seeking to raise $60 million (about Rs 430 crore) for its maiden fund to invest in deep-technology startups.
The fund has already raised $24 million (around 171.63 crore), Mantra Capital said in a statement.
Mantra Capital is a cross-border fund led by entrepreneurs Jay Krishnan, Srikanth Chintalapati and Kevin Jacobs. It said it has started scouting for startups in India and other countries like the US to make investments.
The fund will take part in seed and pre-Series A funding rounds for startups in the food, agri-tech and health-tech sectors, among others. It will also look for startups with products and solutions that use technologies like artificial intelligence, machine learning, blockchain, photonics, and robotics.
Krishnan will handle the fund’s Indian deal flow, along with product management and business development for portfolio startups and bringing in global partnerships. Chintalapati will help with these startups’ operation scaling and India distribution.
Jacobs, meanwhile, will handle deal flow in the US, including assessing target companies and managing mergers and acquisitions processes.
“We have a deep engagement model and strong entrepreneurial, operating and domain experience to function as an interim management team. We aim to understand the product and the service of our portfolio companies and its customer requirement,” Jacobs said.
Krishnan added that the fund will also focus on scaling innovative solutions with the potential for rapid acceleration and global impact. “We are uniquely positioned to execute this game plan and maximise returns to our investors,” he said.
An alumnus of IIM – Bangalore, Krishnan has previously worked with Hyderabad-based T-Hub and as a private investor, according to his LinkedIn page.
Chintalapati has previously been associated with the Aeries Technology Group, and was also the founder and chief executive officer of Green Ark Enersol Pvt. Ltd. Jacobs, meanwhile, is a graduate of the Rensselaer Polytechnic Institute and has worked with companies such as IKON Office Solutions and legal services provider Epiq.
Mantra Capital says it will also provide offshore venture and managed services to global startups. It will also scout and curate startups in India and the US for corporate innovation scaling programmes that will begin in the second quarter of this year.
The company will also partner with global corporates and accelerators that will help firms with the go-to-market strategy.