According to Sidharth Pansari, Director, Primarc Group, the fund – Primarc iVenture – will look to fund start-ups at an angel stage or even at advanced ones.
“In the angel stage, funding will be between Rs. 5 lakh and Rs. 15 lakh, while in the advanced stage it will be Rs. 25 lakh to Rs. 1 crore. Focus will be on West Bengal-based start-ups, ones with social impact, or unique ideas,” he told media persons.
Pansari, however, did not mention the corpus of the fund.
Initiated some three months ago, the fund is controlled by the Pansaris, and has funded some 9-10 enterprises that include Ketto and Catapoolt (among crowd funding platforms); Sampurna Earth and iKure (among projects that seek to create social impact).
While there are no immediate plans to set up an incubation centre, Pansari said the group was also open to picking up stakes in companies (start-ups) that are a strategic fit with its core businesses of retail and real estate.
Such stakes may be taken up through the respective arms of the group.
Kolkata-based Primarc has an annual turnover of around Rs. 350 crore, most of which comes from retailing and real estate projects.
Currently, it has around 30-40 lakh sq feet of residential projects under construction, mostly in Kolkata and the suburbs.
Source: Business Line