• Largest ever private social initiative for India to create social infrastructure, ensure self-sufficiency and improve quality of life.
• Rs 3,000 crores to be contributed by PanIIT Fund – a social fund registered under Category 1 of the AIF Regulations 2012 of SEBI – which was launched on April 1, 2020.
• IIT, MU and ICT Alumni managed Funds including Kotak Private Equity, Development Catalyst as well as healthcare dedicated alumni managed funds to get preferential coinvestment rights for an additional Rs 3,000 crores.
• Rs 15,000 crore Fund of Funds initiative to provide capital to incubatees registered with IIT Alumni Council approved incubators through SEBI Registered Venture Capital Companies. Fund of Funds to compliment the Atal Innovation Mission programs and the Rs 10,000 crore Government Fund of Funds initiative managed by SIDBI
New Delhi, NFAPost: IIT Alumni Council announces that it will catalyse the creation of the largest Indian social initiative with an aggregated target investible corpus of Rs 21,000 crores.
The IIT Alumni Council along with its institutional partners – University of Mumbai and ICT Mumbai – has over 5 million alumni. Corporate investment vehicles managed or controlled by these alumni have assets under management of over Rs 500,000 crores.
IIT Alumni Council President and Chief Volunteer Ravi Sharma said Mega Fund is the dedication of Alumni community of IITs, MU and ICT towards supporting the Prime Minister’s mission of Atma Nirbhar Bharat.
“Our alumni ecosystem includes over hundred Padma Sri awardees and thousands of PhDs. The alumni have global dominance over the technology sector and intellectual leadership in the venture capital industry. If this ecosystem were to be a country, it would be one of the largest economies in the world,” said IIT Alumni Council President and Chief Volunteer Ravi Sharma.
IIT Alumni Council President and Chief Volunteer Ravi Sharma said as geography becomes history and survival of the human race outweighs all other considerations – humanity heading towards a new knowledge age which will see an acceleration in technology-driven economic development.
IIT alumnus who manages Somerset Indus’ Healthcare dedicated fund Mayur Sirdesai said healthcare specialist funds such as Somerset Indus are pleased to contribute to the efforts of the IIT Alumni Council
“Through our portfolio companies which have worked closely and contributed to the testing initiative at the NSCI Dome, the IIT Covid Test Bus and the development of high sensitivity indigenous radiological equipment including digital Xrays and ultrasound” said IIT alumnus who manages Somerset Indus’ Healthcare dedicated fund Mayur Sirdesai.
Kotak Private Equity, a part of Kotak Investment Advisors Ltd with over Rs 30,000 crores total capital commitments is a leading pharma- healthcare and early stage med tech investor in India.
Founding member of Kotak Private Equity and co-chair of the C19 Task Force Venture Capital Group, a member of the Board of Governors of ICT Mumbai Alumnus Nitin Deshmukh said he is delighted to facilitate the participation of portfolio companies in the testing and treatment initiatives of the IIT Alumni Council such MegaLab, the MegaFab and the Engineered Biomolecule Mega Incubator.
“These initiatives which are speeding forward at an unimaginable pace completely redefine what a start-up is or can be. This is indeed the y2k moment for Indian healthcare,” said Founding member of Kotak Investment Advisors Ltd Nitin Deshmukh.
Senior Chartered Accountant, Mumbai University Alumnus and PanIIT Fund Independent Director in charge of CSR Compliances Vikesh Mehta said the past few years have seen paradigm shifts in the development space with the emergence of social enterprises, both for profit as well as not for profit, and social venture funds which have been set up pursuant to stringent SEBI regulations.
“The social venture fund ecosystem has a critical role to play in the immediate context of covid19 and for nation building in the longer term. IIT Alumni Council needs special recognition for driving transformational change to this sector through their technology initiatives as well as their leadership in channelizing large funding commitments from alumni and private sector investors” said Senior Chartered Accountant, Mumbai University Alumnus and PanIIT Fund Independent Director in charge of CSR Compliances Vikesh Mehta.
IIT Alumni Council
IIT Alumni Council is the largest global body of alumni, students and faculty across all the twenty-three IITs and partnering Technical Institutes of Excellence (TieNet). The IIT Alumni Council aspires to catalyse India’s technological renaissance.
Through its initiatives , IIT Alumni Council intends to act as a network and as a bridge between various providers of knowledge, wealth, information, wisdom, ideas, expertise and entrepreneurship to promote technological solutions to problems facing India under its 100
global city, “five million alumni, five trillion rupee impact” initiative.
The C19 Task Force was set up in February 2020 by the Global Board of the IIT Alumni Council to supplement and compliment the efforts of the central and state governments in the fight against covid19.The Council has rallied the considerable resources of the global IIT alumni ecosystem to catalyse technological and financial interventions for the C19 battle. For more information on IIT Alumni Council, please visit: www.iitalumnicouncil.org
