Former HCL Tech CEO Sets Up Rs 100 Crore Fund For New Ventures

New Delhi: Following in the footsteps of many of his industry peers like Nandan Nilekani and Azim Premji, former HCL Technologies chief executive Anant Gupta has now set up a fund of Rs 100 crore to support ventures developing cutting-edge technology products.

Mr Gupta, whose departure from HCL Technologies was announced on Friday, has founded a new investment firm - Techcelx - that will focus on developing next-gen digital technology products and platforms. (Read: HCL Tech CEO quits, C Vijayakumar to succeed)

"With Techcelx, I am pursuing my long-term goals and passion towards promoting our country's entrepreneurship and innovation potential in the technology space," Techcelx founder chairman and CEO Anant Gupta said.

The Rs 100 crore fund will focus on ventures with specialisation in technologies like machine learning, Internet of Things, artificial intelligence, analytics and data science and automation across three main sectors of banking, education and healthcare, he added.

The company will invest between Rs 50 lakh and Rs 10 crore in its disruptive technology ventures and the shareholding will range between 15 per cent and 51 per cent. 

Three other key partners from investment banking and technology sectors are backing this fund, the statement said.