Canadian pension fund La Caisse de depot et placement du Quebec (CDPQ) has invested $20 million in the maiden growth fund of Fundamentum, a venture capital firm by Infosys founder Nandan Nilekani and veteran venture capitalist Sanjeev Aggarwal.
Fundamentum is a scale-up platform for mid-stage technology companies in India, which 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 entrepreneurs and key investors.
With a target size of approximately $100 million, Fundamentum Partnership - Fund I is expected to invest an average of up to $15 million in select start-ups. It will focus on investments in consumer and enterprise technology businesses across retail, logistics, travel and outsourcing. Fundamentum will combine financial and intellectual capital to scale these businesses.
The investment in Fundamentum’s first growth fund is a new strategic investment for CDPQ, enabling it to diversify its activities in India, a priority market. In addition to the investment in Fundamentum, CDPQ will also explore direct investments in Fundamentum’s portfolio companies.
Michael Sabia, President and CEO, CDPQ said “The Fundamentum management team has a remarkable track record in the technology sector".
Michael Sabia, President and CEO, CDPQ said “The Fundamentum management team has a remarkable track record in the technology sector".
Nandan Nilekani, Cofounder, Fundamentum said “We are pleased to welcome CDPQ to the Fundamentum platform. 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 organizations out of India, in the next decade and beyond. I expect this long-term partnership to deliver tremendous value to the technology entrepreneurship ecosystem in the country.”
Caisse de depot et placement du Quebec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2017, it held CAD 298.5 billion ($238.2 billion) in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
Fundamentum is a scale-up platform to help build enduring technology companies out of India. Fundamentum is founded by Nandan Nilekani and Sanjeev Aggarwal; both of whom come with a stellar record in entrepreneurship and investing. With an initial corpus of $100 Million extendable to $200 Million, Fundamentum will invest in consumer technology businesses, particularly ventures that are solving unique Indian problems. It will lead investments of $10-25 Million in companies that have attained the product market fit, have an initial momentum and are looking to scale up.
