Ex-IT honchos raise second round of funding

Exfinity Technology Fund, promoted by former IT honchos of Infosys, Wipro and I-flex, Friday announced raising Rs.25 crore in the second and final round of funding exercising the green shoe option.

"The fund is fully subscribed and investors include CXOs, reputed industrialists, family offices, professionals and UHNIs (ultra high net worth individuals)," the alternate investment fund promoted by Reservoir Investment Managers (RIM) said in a statement here.

The fund had raised Rs.100 crore in the first round in June and the green shoe option was open for Rs.25-crore subscription.

"Our proposition of a practitioner driven fund in funding disruptive technology ideas with high impact strategic interventions has resonated well with investors. We have firmed up a few investment opportunities," RIM chairman and former Infosys board member V. Balakrishnan said on the occasion.

The other promoter-honchos behind the fund are former Infosys board member T.V. Mohandas Pai, former Wipro chief executive Girish Paranjpe and former I-flex Solutions chief executive Deepak Ghaisas.

"The start-up space is vibrant and the timing is opportune to invest, as we have signed four transactions, which are in advanced stage of closure," Balakrishnan added.

As a category I alternate investment fund, registered with the regulator (Securities Exchange Board of India), Exfinity is focused on technology venture in disruptive product ideas.

The city-based RIM is backed by professionals in technology and investment management space. As its first offering, Exfinity will fund ventures in IT space, especially in products and solutions in high growth technologies.