Key Takeaways
- • Reservoir Investment Managers' Exfinity Technology Fund (ETF-I) achieved first close at Rs 100 crore ($17 million), with a greenshoe option of Rs 25 crore ($4.2 million) targeting a final close of Rs 125 crore ($21 million).
- • The fund is sponsored by former Infosys executives V Balakrishnan and Mohandas Pai, alongside Wipro co-founder Girish Paranjpe and i-flex founder Deepak Ghaisas, establishing credible IT industry backing.
- • ETF-I targets early and emerging-stage B2B and B2C investments across enterprise technologies including Big Data, cloud computing, e-commerce, healthcare, and education, with a five-year fund life and two one-year extension options.
- • The fund operates under SEBI's AIF Regulations 2012 with a 12% hurdle rate and 2:15 management fee-to-carried interest ratio, indicating institutional-grade governance standards.
- • Shailesh Ghorpade, former Azure Capital founder, leads the management team, signaling experienced operational oversight for portfolio company development.
Summary
Reservoir Investment Managers, an early-stage venture capital firm founded by prominent IT industry veterans, has announced the first close of its flagship Exfinity Technology Fund Series I (ETF-I) at Rs 100 crore ($17 million). The fund is pursuing a final close with an additional greenshoe option of Rs 25 crore, targeting a total corpus of Rs 125 crore ($21 million).
The fund's leadership team reflects significant pedigree within India's technology sector. Co-founders V Balakrishnan and Mohandas Pai both held executive positions at Infosys, one of India's largest IT services providers. The investor syndicate also includes Girish Paranjpe, former co-CEO of Wipro, and Deepak Ghaisas, founder of i-flex, a leading banking software company. This concentration of IT industry experience provides both operational credibility and extensive networks within enterprise technology markets.
ETF-I is structured as a SEBI-registered Alternative Investment Fund with a five-year lifecycle and two optional one-year extensions. The fund employs institutional investment terms, including a 12% hurdle rate and a 2:15 management fee-to-carried interest ratio. Investment focus spans early and emerging-stage companies across B2B and B2C segments, targeting technologies addressing enterprise productivity, Big Data and analytics, cloud computing, application development, e-commerce, education, healthcare, and related sectors with global market potential.
Shailesh Ghorpade, who previously founded Azure Capital, leads the fund's management operations. The investment thesis emphasizes products and services addressing macroeconomic and social issues while capturing opportunities in high-growth enterprise software and digital infrastructure markets. The timing of this first close aligns with Pai and Balakrishnan's concurrent investments in Unitus Seed Fund, which targets bottom-of-pyramid market opportunities, suggesting a portfolio approach spanning multiple investment stages and market segments.
The fund's leadership team reflects significant pedigree within India's technology sector. Co-founders V Balakrishnan and Mohandas Pai both held executive positions at Infosys, one of India's largest IT services providers. The investor syndicate also includes Girish Paranjpe, former co-CEO of Wipro, and Deepak Ghaisas, founder of i-flex, a leading banking software company. This concentration of IT industry experience provides both operational credibility and extensive networks within enterprise technology markets.
ETF-I is structured as a SEBI-registered Alternative Investment Fund with a five-year lifecycle and two optional one-year extensions. The fund employs institutional investment terms, including a 12% hurdle rate and a 2:15 management fee-to-carried interest ratio. Investment focus spans early and emerging-stage companies across B2B and B2C segments, targeting technologies addressing enterprise productivity, Big Data and analytics, cloud computing, application development, e-commerce, education, healthcare, and related sectors with global market potential.
Shailesh Ghorpade, who previously founded Azure Capital, leads the fund's management operations. The investment thesis emphasizes products and services addressing macroeconomic and social issues while capturing opportunities in high-growth enterprise software and digital infrastructure markets. The timing of this first close aligns with Pai and Balakrishnan's concurrent investments in Unitus Seed Fund, which targets bottom-of-pyramid market opportunities, suggesting a portfolio approach spanning multiple investment stages and market segments.
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