Binny Bansal, the co-founder, and ex-CEO of Flipkart is planning to set up a venture capital (VC) fund worth $300-$400 million that will focus on the startups that are in need of growth capital.

The new fund will be based out of Singapore and is likely to be rolled out by the end of this year. Bansal is one of the key investors and will act as a general partner running the fund. Primarily focused on Indian startups, the fund will also look to back entrepreneurs based in Southeast Asia.

“Bansal is likely to invest 10-20% of the fund's corpus and will start bringing on board other investors soon,” mentioned one of the sources familiar with the development.

Bansal, who moved the fund’s base from Bengaluru to Singapore is already working on putting a team together for the VC. The former executive of Flipkart, Rajneesh Baweja, has been roped in to handle the financial and legal issues of the fund.

Many of the entrepreneurs in the country like Myntra’s Mukesh Bansal and Freecharge’s Kunal Shah have now moved on to start their own companies while also being an active angel investor. Binny’s partner in Flipkart, Sachin Bansal has also invested his Flipkart fortune worth $1 billion to start his own financial services venture BACQ along with a $100 million investment in taxi-app, Ola.

The last major entrepreneurs who turned into full-time professional investors like Binny were the co-founders of Baazee, Suvir Sujan, and Avnish Bajaj, who went on to co-found Nexus Venture Partners and MatrixPartners India.

After Binny’s exit from Flipkart, he initially invested in xto 10x Technologies, a company founded by McKinsey's former consultant Saikiran Krishnamurthy. He also took up the role of executive chairman in the consultancy.

Bansal has been investing in startups for the last five years now and has made some early-stage investments in few companies which include Nirmai Health Analytix, a breast-cancer screening startup; SigTuple, AI-based medical tech startup and Stellapps, Bengaluru-based IoT startup.