National
Canadian fund invests $20 mn in Nilekani promoted firm
Bengaluru, March 29 (IANS) Canadian institutional fund CDPQ on Thursday said it had invested $20 million in Indian venture Fundamentum, promoted by Infosys co-founder Nandan Nilekani and Helion founder Sanjeev Agarwal.
“La Caisse de depot et placement du Qurbec (CDPQ) joins Fundamentum board by investing $20-million (Rs 130 crore) in its first growth fund,” said the city-based seed firm in a statement here.
The unspecified equity stake will enable the Montreal-based CDPQ to explore direct investments in Fundamentum’s portfolio firms.
As a scale-up platform for mid-stage tech firms in India, Fundamentum benefits from the rich experience of Nilekani and Aggarwal along with a network of Indian entrepreneurs and key investors.
“With $100-million target, Fundamentum Partnership-Fund I will invest $15 million in start-ups in consumer and enterprise technology businesses across retail, logistics, travel and outsourcing,” it said in the statement.
Fundamentum will also combine financial and intellectual capital to scale the businesses across verticals.
The strategic investment will help CDPQ to diversify its activities in India, which is a priority market.
“We will benefit from CDPQ’s knowledge of global trends and investment expertise. Both the partners are bullish on the opportunity to build global organisations out of India over the decade and beyond,” said Nilekani.
Lauding the track record of Fundamentum management team in the tech sector, CDPQ Chief Executive Michael Sabia said by fostering investments and mentoring new firms, his team gave entrepreneurial approach aligned with its fund.
“As India ranks as the world’s third largest start-up hub, our partnership will enable the selected start-ups to scale their businesses and participate in the fast-growing parts of the country’s economy,” he said.
With $238 billion net assets, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. As a long-term investor, it manages funds primarily for public and insurance plans.
Fundamentum will lead investment rounds from $10-25 million in companies that have attained the product market fit, have an initial momentum and are looking to scale up.
–IANS
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National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.