500 Startups, a Silicon Valley based Venture Capital investor announced that it will be investing in 10-12 start-ups in Indian market this year after a not so active period in 2016. This move comes after some of its micro funds have started investments in the country.

 

500 Startups have closed Seven deals

As per Shalini Praksh who is the venture partner and head of the investment & operation of the firm, 500 startups is about to close seven deals which starts its investment in used-goods marketplace Spoyl in 2016.

Investment in Spoyl through Distro

The investment in Spoyl has been driven by 500 Distro which is a global micro fund of 500 startups. Earlier, one other global micro fund of 500 startups also put money in India with Ftcash, payment startup.

Priority is to invest more

Prakash said that, “The priority is to invest in more companies in India. Several of our other micro funds, such as 500 Fintech, 500 Distro and 500 Durians, apart from the 500 Startups Fund itself, are looking at India to invest”.

About 500 Startups

500 Startups has invested in 60 startups in India since 2012.The number of investments made by the 500 Startups is highest in year 2015 when it made over than 20 deals in India.

About Kulfi Fund

Well, last year, the fund was in its hibernation state since it showed less activity in investment including Spoyl deal in December month because it was busy in launching of India-focused micro fund of value $25 million.

Why kulfi is on hold

The firm has already announced about Kulfi, a $25 million India-focused fund last year but later it was on hold. Reason estimated by the ET is change in taxation as well as regulations. Additionally, Pankaj Jain who was leading the Kulfi fund has left the company.

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