US-based firm to set up facility in Chd

US-based Start-Up Farms International (SUFI) promoted by NRI Jasvir Gill has plans to invest $5-6 million in India, according to the company’s General Manager Harry Sandhu who looks after India operations.

He said the new facility was likely to be ready by September 2010. The company is setting up state-of-the-art 70,000 sq ft facility in Rajiv Gandhi Chandigarh Technology Park, Chandigarh.

Also, it has plans to increase its headcount to 300-400 in the next two years from 50 at present.

SUFI provides early-stage venture capital (seed capital), physical and back-office infrastructure, professional guidance and mentoring to start-up companies developing software solutions and web services.

It also assists entrepreneurs in getting second level of funding from venture capitalists.

At present the company is operating from lease hold site in Mohali(Punjab).

He added, “We provide seed capital to the entrepreneurs who come up with innovative idea and which can be beneficial to the technology. After a couple of meetings, if we realise the idea is going to work we provide the capital. The only condition is that the fund seeking company should be in IT sector.”

He said that the company was also planning to fund India-based companies with seed capital provided that the entrepreneurs came up with innovative ideas.