Fundamentum receives $20 million from Canada's CDPQ

Leading Canadian pension fund CDPQ has infused USD 20 million in the first growth fund of Fundamentum, promoted by Nandan Nilekani and Sanjeev Aggarwal.

With a target size of about USD 100 million, the growth fund 'Fundamentum Partnership - Fund I' expects to invest an average of USD 15 million in select startups.

Investments will focus on consumer and enterprise technology businesses across areas like retail, logistics, travel and outsourcing.

"La Caisse de dpt et placement du Qubec (CDPQ), a leading institutional investor, today announced an initial investment of USD 20 million in the first growth fund of Fundamentum...," said a statement issued jointly by the two entities.

Fundamentum is designed for entrepreneurs by entrepreneurs, and positions itself as a scale-up platform for mid-stage technology companies in India. It looks to combine financial and intellectual capital to scale these businesses.

"Fundamentum benefits from the experience of its two founders, Nandan Nilekani (co-founder of Infosys) and Sanjeev Aggarwal (founder of Daksh, Helion), alongside a network of Indian entrepreneurs and key investors," the statement said.

A long-term institutional investor which manages funds primarily for public and parapublic pension and insurance plans, CDPQ will also explore direct investments in Fundamentum's portfolio companies, it added.

"We will greatly benefit from CDPQ's knowledge of global trends and deep investment expertise. Both Fundamentum and CDPQ are bullish about the opportunity to build a host of large and enduring world-class organisations out of India, in the next decade and beyond," Nilekani said.