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-upsacross 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,”