Former HCL Tech CEO Anant Gupta launches Rs 100cr fund to support startups

Following on the heels of the appointment of new CEO at HCL Technologies come another piece of news about its ex-CEO Anant Gupta. Gupta who had stepped down from his post to pursue personal ambitions on Friday announced the launch of TECHCELX, a Rs 100 crore fund to support ventures developing cutting-edge technology products and businesses being disrupted by technology.

"With TECHCELX I am pursuing my long-term goals and passion towards promoting our country's entrepreneurship and innovation potential in the technology space," said TECHCELX, Founder Chairman & CEO, Anant Gupta in a statement.

The new investment firm has been formed with the objective to develop digital technology products and solutions in enterprises. The firm specifically aims at filling the innovation gap in established as well as emerging companies in India.

"The launch of this Rs 100 crore fund is a significant step in this direction where we will be focusing on ventures with specialization in technologies like Machine Learning, IoT (Internet of Things), AI, Analytics and Data Science and Automation across three main sectors of Banking, Education, and Healthcare. Our vision is to help startup organizations develop and apply next-gen technology solutions to disrupt legacy operating models," he added.

The company will invest between Rs 50 lakh and Rs 10 crore in disruptive technology ventures and the shareholding will range between 15 percent and 51 percent. Three other key partners from Investment banking and technology sectors are backing this fund.