Ascension, Unicorn India Ventures Makes A Deal To Launch India’s First Cross-Border Fund

London-based early-stage venture capital fund, Ascension VC  has collaborated with its Indian counterpart, Unicorn India Ventures to bring India’s first cross-border fund: Indo-U.K. enterprise investment scheme (EIS) fund.
This unique association strives to raise up to £5 million per year and is expected to announce its first close at £2 million by July-end this year.
An EIS (Enterprise Investment Scheme) is a special tax relief granted by the U.K. government which allows investors to evade income tax for their investments into small U.K. based companies.
Jean de Fourgerolles, Partner, Unicorn Ascension EIS Fund and Founder, Ascension said in a statement, “The fund represents a double benefit, where EIS tax relief afforded to the U.K. investors can significantly reduce their capital risks and an entry into India offers a unique exposure to one of the largest and fastest growing economies in the world.”
Both the investment teams will also share each other’s respective London, Delhi, Mumbai and Bengaluru offices to strengthen this cross-border marriage and make it more tangible and concrete.
Through this partnership, Unicorn India Venture is looking forward to exposing the Indian market to the U.K.based startups. This will induce the trailblazing and unconventional technological developments into the Indian ecosystem.
Nina Amin with her three decades of experiences in financial services will head the investment committee of this fund. She was a former partner and Head of Asian markets in KPMG U.K. She is presently a non- executive director and chair of the audit committee at Koovs, an e-commerce company with operations in India.
In one of her statements, she said, “UAF is the first cross-border technology fund focusing on the UK-India corridor. The fund will unlock significant synergies between the high-tech products and services emerging out of the UK and the numerous opportunities arising because of the significant digitization that is underway in India.”
Source: Bizztor
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