Mumbai-based real estate developer Ajmera Group has set up a ₹73 crore ($10 million) fund to invest in startups across technology, e-commerce, customer internet, solar, fintech, real estate and other sectors, as part of its diversification plans.
Ajmera Group has already invested in three startups, Mumbai-based BookMeIn, an online marketplace for services, Mumbai-based The Sports Gurukul, a professional sports training organisation, and ModuleX, a modular kitchen development company.
Dhaval Ajmera, Director, Ajmera Realty, said, “Real estate, fundamentally, does attract us but we are open to investing in any business where we get an exciting opportunity with good growth potential. This will help us to diversify, grow faster and venture into newer areas,”
He further added, “Start-ups also help us to understand the pulse of the market. We are looking to close this fund in one year’s time depending on the opportunities coming our way. And then we will look at another fund next year.”
Founded over 50 years ago by Chhotalal Ajmera, Ajmera has diversified into other sectors like solar power, sports, vaults security, cement and social welfare. Ajmera Group has also expanded its presence across India in cities like Mumbai, Pune, Ahmedabad, Surat, Rajkot, and Bengaluru, along with an international presence in Bahrain.
Last month, it announced the launch of a 15 MW solar energy plant in Kutch besides its foray into the education sector.
Indian startup ecosystem has been generating a buzz around the world with its capability to produce innovative and scalable startups. It is no surprise many international and national investors have been looking to leverage the growing opportunity in the Indian startups’ space.
Recently, it was reported that TVS Capital marked the first close of its third fund at ₹832 crore, surpassing the initial target of ₹700 crore.
Earlier this month, the US-based private equity investment firm Tiger Global announced the close of its $3.75 billion fund, to focus on tech startups in India and other markets.