Stock Report

IndiGo Ventures gets SEBI approval to launch Venture Capital Fund

Posted On : 2024-10-16 17:18:56( TIMEZONE : IST )

IndiGo, India's preferred airline, is delighted to announce that IndiGo Ventures, its corporate venture capital fund, has received the Alternative Investment Fund approval from Securities and Exchange Board of India (SEBI), marking a significant milestone in its journey to drive innovation. The Fund will invest in startups that have the potential to redefine the future of aviation and beyond, seeking pre-Series A, Series A and Series B funding. These include startups working on cutting-edge technologies and solutions within the aviation sector. The fund will also look to invest in consumer startups that have a touchpoint in the passenger journey, such as travel, lifestyle, hospitality, transportation, etc.

The Fund has commenced pre-investment activities, including engaging with select start-ups and their founders. GoIndiGoVentures.com has been setup as the portal to access further information about the Fund, including its investment thesis, the core valuation proposition for founders and details on governing entities and their membership. The Fund is expected to start investments by the end of FY 2024-25.

Speaking about this development, Neetan Chopra, Chief Digital & Information Officer, IndiGo, said, "As IndiGo embarks on this new journey with IndiGo Ventures, we are committed to fostering innovation, giving wings to aspirations, in aviation and beyond. The startups will benefit from IndiGo's extensive technical expertise and diverse geographical imprint, leading to the development of new products and services."

Shares of InterGlobe Aviation Limited was last trading in BSE at Rs. 4754.45 as compared to the previous close of Rs. 4677.50. The total number of shares traded during the day was 15237 in over 2319 trades.

The stock hit an intraday high of Rs. 4778.15 and intraday low of 4703.00. The net turnover during the day was Rs. 72348408.00.