Prudent Investment Managers to launch Rs.500-Cr fund for early stage startups

Prudent Investment Managers, founded by former IIFL Asset Management CEO Prashasta Seth, has floated a fund aimed at a corpus of INR 500 crore (about USD 57.8 million) to invest in early stage startups. The firm has secured commitments of INR 250 crore from various family offices. The sector-agnostic fund would invest in 10-15 startups with initial cheques of INR 30-50 crore for each.Prudent, which provides portfolio management and advisory services, has about INR 750 crores of AUM, and counts startups like The Money Club and Snapmint in its portfolio.