Meenakshi Group, an Indian information technology parks and residential projects developer, has created a $10 million startup fund, Meenakshi Multiples, to inject in promising startups.
Meenakshi Group said that it will seek to invest in startups solving very specific problems, with a potential to scale in the future.
Meenakshi Multiples revealed its initial commitment by buying a six percent equity in Indian co-working space provider iKeva for an undisclosed sum.
To tap business opportunities, the fund has a investment team consisting of finance and legal professionals as well as analysts. The investment team will take up due diligence of startups including scaled-up businesses.