UAE-based private equity firm Idein Ventures has announced $500 million for investment in a celebrity or unicorn startup from the Indian subcontinent. The firm will not be using any of its regular funds, but will channelize other international funds who are traditional investors in assets.
Idein Ventures is associated with the royal family of Ras al Khaimah of UAE. Its headed by Rajeshwar Prasad, who is also the CEO of RAK Sovereign Holding and a Cabinet Minister in the Republic of Guinea-Bissau. Despite the supposed slump in large-scale startup investments in India, Idein Ventures is exploring current unicorns in India and the rest of Asia for this new mandate.
Commenting on the development, Ashwin Srivastava, Director of Idein Ventures, says, “We are in touch with some billion dollar plus companies and are looking at exploring others as well. We wish to present right opportunities to our partners while filtering out paper unicorns and looking at companies that can bring as much value as Uber’s investment brought. Our value addition to these companies also goes beyond money and brings in the association of powerful royal names.”
Idein Ventures is also exploring startups that are less than a billion dollar in valuation but on the route towards the same. It is focusing on companies with a potential of strong global brand value and is keen on finding such companies from India.