Emami eyes investing in start-ups

  • The Kolkata-based Emami group, which has a business interest in fast-moving consumer goods, retail, and pharmacy, is now looking at the start-up space to make investments.
  • Promoted by entrepreneurs R S Agarwal and R S Goenka, the group has already received applications from domestic and foreign start-ups, seeking funds to launch or expand operations. The new venture has been conceived by the sons of the promoters, Aditya Agarwal and Manish Goenka.
  • A new division has been created to evaluate and fund start-ups. It will report directly to the Board of Directors of the group.
  • The funding will come from the group’s consolidated coffers and not from any of its individual business units.
  • Though large corporate bodies have been funding start-ups across the country, this is the first time a corporate group from the east has ventured into space.
  • The Calcutta Angels Network (CAN) said entry of corporate houses in the start-up funding space would help the ecosystem expand.
  • Sidharth Pansari (President, CAN), said, “Corporate fund start-ups when they like an idea and expect returns on the same but don’t have the necessary managerial capability to go with the idea,”
Source : http://bit.ly/2eU497P