Nepal’s CG Corp launches $100 mn VC fund to invest in startups

NEW DELHI, July 30:  Nepal’s CG Corp Global, makers of the popular Wai Wai noodles, along with three other partners launched a USD 100 million venture capital fund to invest in startups in India, Sri Lanka, Bangladesh and Nepal.
The venture capital fund — Prestellar Ventures — is based in Singapore and is backed by CG Corp Global, Micro lender Satin Creditcare, private-equity firm Frontline Strategy and Nepal’s N E Group.
The firm, which is currently evaluating projects, is looking to raise and deploy country specific sub-funds across the South Asia region — more specifically India, Sri Lanka, Bangladesh and Nepal.
“This ambitious fund aims to invest in products and projects which will enhance and improve people’s lives on a large scale in the identified countries,” CG Corp Global Chairman and Director of Prestellar Ventures Binod Chaudhary said.
Chaudhary said, “Investing in the forefront of innovation is critical to keep traditional businesses such as CG Corp Global relevant in the future”.
The fund is looking to invest in tech-enabled companies in sectors such as hospitality, consumer, financial services, rural product and services sectors, typically in ‘Pre-Series A’ deals of approximately USD 2-3 million. (PTI)

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