Former Mindtree Co-founders Krishnakumar Natarajan, NS Parthasarathy, and Rostow Ravanan are turning in to fresh investments following their exit from the company in July, 2019. It is believed that the three are pooling together a combined investment of Rs 120 crores in Start-ups working in the fields of IoT, analytics and Digital sources according to reports from The Times of India.

The funds are waiting market regulator Sebi’s approval. According to reports, the funds are supposed to be invested as an Alternative Investment Funds (AIF), a privately

pooled investment fund in the form of a company or as a limited liability partnership (LLP). All of the three Co-founders have been said to have invested in start-ups previously in their own individual capacities. Natarajan, who acts as an advisor for TVS Capital Funds, has backed crowd funding platform 1Crowd and technology-based cargo transportation service company- Truckola.

Prior to their resignation, Natarajan was Executive Chairperson, Parthasarathy the Vice Chairperson, and Rostow Ravanan was the CEO of Mindtree. They fought a long battle against L&T for the control of their firm but eventually had to surrender. The three of them together with seven other members had founded Mindtree back in the year 1999 and took it to a 1 billion USD revenue entity.

“The Indian Private Equity “ report of 2019 published by Bain and Company said that new asset classes like AIF’s have grown in the Indian market thanks to Government policies on tax regulations and breaks. According to this report funds raised by AIF’s have doubled from $2.4 million in 2016 to approximately $7 billion in 2019. The number of AIF’s in India has also doubled from 268 in 2016 to 518 in 2019. Some of the AIF’s in this country are run by prominent companies such as- Avendus, Edelweiss, IIFL, Kotak, Motilal Oswal and Templeton.