Tandem Capital, a Silicon Valley based accelerator launched by technology entrepreneurs Sunil Bhargava and Doug Renert, will launch a new fund to back Indian companies, according to a new report.
The fund will invest in about 20 startups and will work with former Infosys director T V Mohandas Pai and Manipal Group CEO Ranjan Pai. The fund size was not disclosed.
Tandem Capital invests $200,000 in a company and looks to invest in mobile companies. The investments are usually in the form of convertible notes for 10% equity. Bhargava has over 20 years in technology and marketing in companies such as Xerox Parc, HP and Webvan. Doug Renert has worked with Oracle, DLA and Tello.
The accelerator counts Bash Gaming and QuadNote among companies started by Indian founders. In September, Tandem Capital took in 6 new startups and in June, it raised a $32 million fund.