A Zen saying goes : The value of a room lies not in its walls but in the space within.
While the walls provide protection and define the space what can happen within those walls is what really matters. And so it is with any Venture Fund. The fund size and investment thesis are the walls that provide the space within which the exciting play of nurturing great ideas into great companies takes place.
Our first fund of Rs 90 crores (USD 15 million) provided the space and security to 16 ideas – curated from 8000+ proposals – to be nurtured in their early growth. It has, in its 5 years of existence, endured zero-mortality, enabled by a high-touch engagement model of the 3 Fund managers, 4 advisors and multiple mentors and coaches. The fund is poised to deliver attractive returns – we see a clear opportunity for an over 40% IRR – as many of the invested companies get into the next growth rounds.
In these 5 years we have built together a strong foundation for early stage investing, validated our investment thesis and are now become convinced we have a winner on our hands. It gives me great pleasure to announce that we are ready for setting up a bigger sibling fund.
Welcome, dear Investors, to ‘YourNest India VC Fund II’ – Rs 300 crore, SEBI approved fund with a plan to invest in 25-30 startups, in technology and technology enabled opportunities, with focus on companies solving the needs of the digital ecosystem by leveraging Internet of Things, Electronic System Design, Artificial Intelligence, advanced Robotics, Mobile Internet, Cloud Technology, Digital Payments, verifiable digital identity, and automation of knowledge work.
Fund II will continue to focus on us leading the early stage (Pre-Series A) investment rounds in these hand picked companies. The Fund is open for subscription for you to continue to invest in disruptive technologies, with the cash outflow for the investment spanning over next 6 years.
It is with tremendous joy that I share with you the coming on board of Dr Vivek Mansingh, as a General Partner in YourNest. Dr Mansingh is currently the Chairman of AxisCades, and brings an enviable record of building and leading technology giants like Cisco and Dell in numerous capacities. He is also a researcher, with many patents to his name, a committed startup investor, and cherished mentor and brings with him decades of experience from the world of technology. On behalf of all of us, I take this opportunity to welcome Vivek aboard YourNest.
I also take this opportunity to express our deepest thanks to Religare and their entire team for having been the bedrock of dependability and support throughout their association with us and in helping raise our first fund. It is with regret that we bid adieu to them as they exit various asset management businesses, including YourNest, as part of their internal restructuring exercise and wish them success as they continue to lead in their chosen areas.
As a final word, I look forward to meeting you all at the Investors Day to be held on 12th November, 2016 in New Delhi for which you will soon be receiving invitations with details.
Best Best Wishes
Sunil K. Goyal
September 15, 2016