An investment firm in New Delhi, which wants to raise funds from venture capital investors, said on Tuesday it has started working with Indian authorities to explore ways to raise money from foreign investors.
India’s Central Bank (CBD) said in February it would grant its permission for the firm to raise capital from foreign institutions.
The firm said in a statement on Tuesday that it had sought a “full assessment of the potential opportunities for capital raising and a plan to implement the measures necessary for establishing and financing a fund.”
The firm, which was founded in 2013, said it will invest in emerging sectors including cloud, digital services, finance, technology and retail.
It has said it plans to start up three to five new ventures in the next few years.
The company, founded by former Citi executive Vijay Jain, said that in 2018, it expects to raise $3 billion from venture funds.
Jain said in 2016 he had raised $2.6 billion from private investors.