sindhi: Sindhi Community Sets Up 10 Cr Vc Fund | Ahmedabad News
Ahmedabad: Startups are now becoming community-oriented. The Sindhi community in the city has set up a venture capital fund of Rs 10 crore to sponsor startups developed by young entrepreneurs. It aims to expand the size of the fund to Rs 100 crore in a year. So far, 16 businessmen have pledged to contribute Rs 7 crore to the fund.
Global Sindhu Business Network (GSBN) has created a syndicate within the community to incubate the fledgling businesses, cultivate talent and make the Sindhi youth ‘aatmanirbhar’.
GSBN Coordinator Nikhil Methiya said, “We want to develop an ecosystem that allows startups to grow. We have established Global Sindhu Business Network and set up a venture capital fund with 16 syndicate members who have committed a fund of Rs 7 crore. We will form a 15-member committee to look into the entire process of funding startups.”
He said that scalable businesses like those dealing in information technology services, artificial intelligence, healthcare, clean energy, climate change etc., will be preferred for the funding.
“Startup founders and owners will be required to furnish startup details and future roadmap with the committee,” Methiya added.
According to the model, GSBN will present the applications to the investors and businessmen from the Sindhi community.
The investor will get a portion of equity in the startup against the investment of the fund. The maximum ticket size for each startup will be Rs 50 lakh and based on the performance and progress, the investor will decide the next round of funding for that business.
“The investors will allocate a portion of the profit gained from the business towards uplift of the Sindhi youth, especially in their education, training for civil services exams and skill development,” said Methiya.
Global Sindhu Business Network (GSBN) has created a syndicate within the community to incubate the fledgling businesses, cultivate talent and make the Sindhi youth ‘aatmanirbhar’.
GSBN Coordinator Nikhil Methiya said, “We want to develop an ecosystem that allows startups to grow. We have established Global Sindhu Business Network and set up a venture capital fund with 16 syndicate members who have committed a fund of Rs 7 crore. We will form a 15-member committee to look into the entire process of funding startups.”
He said that scalable businesses like those dealing in information technology services, artificial intelligence, healthcare, clean energy, climate change etc., will be preferred for the funding.
“Startup founders and owners will be required to furnish startup details and future roadmap with the committee,” Methiya added.
According to the model, GSBN will present the applications to the investors and businessmen from the Sindhi community.
The investor will get a portion of equity in the startup against the investment of the fund. The maximum ticket size for each startup will be Rs 50 lakh and based on the performance and progress, the investor will decide the next round of funding for that business.
“The investors will allocate a portion of the profit gained from the business towards uplift of the Sindhi youth, especially in their education, training for civil services exams and skill development,” said Methiya.
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