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India Growth Fund with a Corpus of Rs 400 Crores launched

India Growth Fund with a Corpus of Rs 400 Crores launched

Kotak Mahindra announced the launch of their private equity fund: “India Growth Fund” in partnership with SEAF Management LLC, USA, today. The fund has already received commitments of Rs 180 crore and targets to have a final close with commitments in the range of around Rs 400-450 crores by the end of the year.

Speaking on the occasion, Uday Kotak, Executive Vice Chairman and Managing Director, Kotak Mahindra Bank said: “India is one of the biggest growth stories in the world. This is reflected in the fact that it is now among the top three destinations for Foreign Direct Investment (FDI) behind only China and the USA. India Growth Fund is the right product at the right time in the right market. The inclusion of private equity in the Group’s portfolio is a definite move towards our aim to provide holistic financial solutions.”

H. J. Van der Vaart, CEO, SEAF Management LLC, said: “SEAF is commencing what we believe will be a long term commitment to investing in emerging local enterprises in the Indian private equity market. Having joined hands with a renowned and respected brand such as Kotak further enhances our investors’ confidence in the success of this endeavor. SIDBI and USAID have played absolutely critical roles in helping SEAF establish its presence in India, and we are very grateful for their partnership” said H. J. van der Vaart, CEO, SEAF Management LLC.

The fund will primarily invest in dynamic and fast growing sectors like Life Sciences, Media & Entertainment, Specialised Retailing, Light Engineering, Information Technology and infrastructure related services such as Healthcare, Logistics & Distribution.

The Small Industries Development Bank of India (SIDBI) is a partner and key anchor investor in the fund. United States Agency for International Development (USAID) is also playing a key role in promoting the growth of emerging corporates through the Fund. Other investors include Indian and international corporates and institutions.

The fund will be managed by Nitin Deshmukh, Head – Private Equity, Kotak Mahindra Bank who brings a wealth of over 15 years’ experience in the Venture Capital industry with him. The team will also include experienced representatives from SEAF, notably Hector Cateriano.

ABOUT KOTAK MAHINDRA

Kotak Mahindra is one of India’s leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates.

The group has a net worth of around Rs. 1,600 crore and employs over 3,400 people in its various businesses. With a presence in 59 cities in India and offices in New York, London, Dubai and Mauritius, it services a customer base of over 5,00,000.

Kotak Mahindra has partnerships with Goldman Sachs (one of the world’s largest investment banks and brokerage firms), Ford Credit (one of the world’s largest dedicated automobile financiers) and Old Mutual (a large insurance, banking and asset management conglomerate).

ABOUT SEAF MANAGEMENT LLC (SEAF)

SEAF is a leader in venture capital investments in emerging corporates for the past 15 years with investment activities in 15 countries in Europe, Asia and Latin America. To accomplish its objectives, SEAF sponsors and oversees the management of venture capital/ private equity funds focused on providing emerging enterprises or businesses with (i) structured debt and equity growth capital, and (ii) extensive post-investment business development assistance to increase sales and improve operational efficiency.

Business development activities are managed through dedicated resources at SEAF’s Washington, DC headquarters and SEAF’s London and Brussels presences. SEAF has an established network of representatives offices located in the Netherlands, Poland, the Baltic Republics, Croatia, Romania, Bulgaria, Macedonia, China, Central Asia and Peru.



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