The Russian conglomerate AFK Sistema intends to deepen its engagement with Indian startups with a wholly-owned subsidiary, ‘Sistema India,’ to be launched until the end of this year, the Russian and Indian media have reported.
Operating through the Scalerator platform, which is affiliated with Sistema’s existing interests in India, Sistema India will provide hands-on business execution assistance to local startups in the fields of e-commerce, fintech, digital analytics and others.
Sistema’s first incursion in the Indian startup scene came in early 2016 with the creation of Sistema Asia Fund. With an initial amount of $50 million, this fund targets essentially Indian startups operating in the technology and niche consumer retail segments.
Earlier this year the fund announced its intention to increase its size to $100 million.
Since its inception, Sistema Asia Fund has participated in a $12 million funding round for Seclore, led a $10 million round for QwikCilver, and put some $3 million in Wooplr.
Among other Russian venture investors operating in India is Leonid Boguslavsky. Earlier this year his fund Ru-Net took part in a $55 million Series D funding round for Practo, a startup that helps people locate doctors.
