Russian conglomerate Sistema attracts $20 million to increase investments in Indian startups

AFK Sistema, a Russian LSE-listed conglomerate, has attracted $20 million to increase Sistema Asia Capital, its corporate fund dedicated to investment in Indian tech startups. Almost half of the funding was brought by individual investors from India, the business daily Kommersant reported yesterday, citing exchange with managing partner Andrey Terebenin.

Sistema Asia Capital now amounts to $120 million, with plans to reach $150 million in 2020. It has offices in New Delhi and Singapore.

Previously known as Sistema Asia Fund, the fund was launched launched in early 2016 with an initial tranche of $50 million. It has invested in a variety of Indian startups, focusing on consumer tech and entreprise tech.