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Infosys Cofounder Nandan Nilekani To Invest In Truck Fleet Management Startup

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Infosys co-founder Nandan Nilekani is in talks to invest in an early stage logistics venture Fortigo, signalling a strong vote of confidence in the new breed of new breed of India's entrepreneurs.
 
This is the fourth venture that the former UIDAI chairman has backed in the current calendar year alone. Nilekani was recently in news for investing in mobile payments startup Mubble and mobile publishing startup Juggernaut.  
 
At a time when startups have become the buzzword for risk capital investors such as private equity and venture capital firms, it is also becoming increasingly common for high networth individuals to take exposure in the country’s startup ecosystem and allocating some of their investible surplus to foster early stage ventures.
 
While for startups, the availability of capital is absolutely crucial, roping in successful corporate honchos also makes it easier for them to attract venture funding later giving them more credibility.
 
Take for instance, Fortigo itself, the firm promoted by technology industry executives Vivek Malhotra and Anjani Mandal that aims to solve the logistics and transportation problems for small and medium businesses. The firm is also in talks with other venture firms including Accel Partners. Mubble too raised capital from Accel after raising its first round of seed capital from Nilekani.
 
So far, 2015 seems to be the year of startups with young entrepreneurs increasingly churning out winning ideas and attracting huge dollars in funding. In fact, investing in emerging businesses has opened up new entrepreneurial avenues for India Inc's head honchos as well who are now parking their personal wealth in startups. In the first half of the current calendar year, as many as 363 venture capital deals were sealed, three times more than the number of private equity deals, which stood at 99, as per data available with Grant Thornton.
 
Fortigo is currently creating a fleet management service for truck owners in order to help them manage their inventory and thereby save logistics costs. In fact, logistics and warehousing are increasingly evincing investor interest with a host of companies raising capital in the sector. Sohanlal Commodity Management recently rasied Rs 100 ccrore rom Creation Investments, a US fund and its existing investor Everstone. Other firms that raised money in the sector include Star Agriwarehousing and Collateral Management and Gati Kausar.