Months after selling their stake in IT outsourcing firm GlobalLogic, founders Rajul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay are all set to launch their angel fund. In October 2013 the four exited GlobalLogic after they sold their stake to private equity major Apax Partners.
"We, the former founding team, are in the process of announcing an angel fund. We are already involved in a few startups in our personal capacities but till now all our efforts were very informal in nature. We are formalizing this effort and will come up with an early stage fund. The fund would be focused in making investment in India and the US in sectors like education, healthcare and outsourcing. These are the sectors that we know," Singh told ET.com.
Singh says they are still working through the details but expect to make an announcement in about six weeks. The ticket size is expected to remain between US$100,000 to US$300,000 for most of the investments from this fund.
Garg, who has started Sunstone Business School in November 2010, is now expected to run the India operations for the yet to be named angel fund. Garg had left active management of GlobalLogic towards the end of 2008, although he continued to remain a shareholder till the sale to Apax. Singh, Agarwala and Upadhyay are based in the US where they have started hCentive, a company involving in building cloud-based products for health insurers and state health agencies.
While Apax reportedly acquired GlobalLogic for about Rs 2,578 crore (US$420 million), it is unclear what the founders received for their stake.