$100 mn “The Habit Fund” to Back Social Media, Mobile & Cloud Startups

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T V Mohandas Pai

More details of the $100 million startup fund being set up by former Infosys director Mohandas Pai and the head of the Manipal Group Ranjan Pai are coming out in the press.

Mohandas Pai and Ranjan Pai, will lead a group of investors and set up a private equity fund to back early stage social media, mobile and cloud computing startups, according to a new report.

The Habit Fund will be managed by Sunil Bhargava of mobile starutp incubator Tandem Capital and Rohit Bhagat, former Asia Pacific chairman of BlackRock Inc, reported Livemint.

Mohandas Pai and Ranjan Pai had announced their $100 mn PE fund in August 2011. The accelerator fund has received a commitment of $25 mn so far and has short listed about 4 startups so far. It will take over three months to get fully operational, the report said.

The two have already invested over $35 mn in startups. California based medical technology company Insightra and ecommerce store Bookadda have raised funds from the two.

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