Mumbai based asset management firm Nafa Capital and marketing and communications company Creativeland Asia on Friday announced a joint venture to roll out a fund of Rs 250 crore (around $33 million) to back early-stage brands.
The fund -- Ventureland Fund -- will be sponsored by Sajan Raj Kurup, Chairman and Founder of Creativeland Asia, and Ameya Prabhu, Managing Director of NAFA Capital, the companies said in a statement.
The fund will invest in consumer-first brands and businesses that have achieved a product-market fit and requires marketing investment to drive growth through customer acquisition, it added.
Ventureland Fund has already added three consumer brands to its portfolio -- Native Milk, a modern farm-to-home dairy products business; Spice Story, an ethnic spices and chutneys brand; and Macmerise, an audio gear retail and gadget personalization firm aimed at teenagers, the statement said.
NAFA Capital's Prabhu said that the partnership with CreativeLand Asia is a part of its continued effort to be a multi-product capital provider to the Indian market expanding on our current offerings.
"India has phenomenal entrepreneurs in all parts of the country, and the fund aspires to identify and supercharge these entrepreneurs with capital, market access and proven marketing expertise," added Prabhu, who has been an early investor in ayurveda brand Kapiva, and IFFCO Kisan Finance.
NAFA Capital is an India-focused integrated financial services platform with interests in private equity, public equities, debt, wealth management and financial advisory. It is a part of the UAP Group with a focus on asset management, investment banking and sustainable investments.
Creativeland Asia, founded by Kurup in 2007, offers design solutions for brands including Cinthol, Godrej Expert, Godrej Masterbrand, Indeed.com, and Café Coffee Day. Notably, in 2017 it had also formed its venture capital arm Ventureland Asia, an early-stage Rs 100 crore fund registered with the Securities and Exchange Board of India (SEBI). The fund invests in e-commerce, education, healthcare, agritech, and esports.
Ventureland Asia has remained active in the M&A space, having acquired a 40% stake in Revenant Esports. It has also invested in the e-commerce venture Saintfarm, a fund that focuses on segments like media, e-commerce, education, healthcare, agri-tech, and Esports. in September it acquired a controlling stake in MW.com India Pvt Ltd which publishes magazines like Rolling Stone India and MW (Man's World) Magazines.