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India’s InnAccel plans to raise venture fund by mid-2015

1 May 2014

india5_lrgIndian healthcare-focused incubator InnAccel is preparing to raise a fund to make early-stage investments in medical technology startups.

InnAccel plans to invest in five to six startups this year and expects to close the fund by mid-2015, founder and CEO Siraj Dhanani told TechCircle.

“We are yet to start the fundraising process and have not figured out other details. Initially, we will back our incubatees. If required, we will also look at other ventures,” said Dhanani.

InnAccel has already identified a couple of startups for its incubation programme, which will kick off in October.

Dhanani said, “We will make sure that our startups graduate to a stage where they can look for Series A investment. We can also look at foreign startups, provided they are willing to undergo our incubation programme in India.”

InnAccel, which was launched in 2012, aims to invest more than $160m in over 100 startups over the next ten years.

On its website the firm noted that the affordable medical technology is set to be worth more than $100bn globally and $25bn in India by 2025.

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