Dinesh Goel, partner at deep tech early-stage venture capital fund Siana Capital, says emerging technology-led disruptions could see startups taking more time than usual to gain scale. The venture capital fund has thus decided to go for a 10-year fund and is looking at the first close of its first fund at Rs 500 crore.
The firm is currently evaluating startups and has already closed its maiden investment, which remains undisclosed at the moment. The fund has three partners with two of them in Bengaluru and one in Mumbai. Its average ticket size could range from Rs 10 crore to Rs 35 crore while it looks to invest in around 15 companies from the first fund.
Goel started his career as a chartered accountant and worked with information technology firms Accenture and Infosys in senior roles. He spent more than a decade with technology advisory firm ISG as a partner and managing director and had advised IT firms on large outsourcing deals. Siana Capital was founded in late 2017 by Goel's ISG colleague Siddharth Pai and Archana Hingorani.
In a conversation with TechCircle, Goel spoke about the investment thesis of the firm, why it chooses to be industry agnostic and the opportunities it sees in the market. He also spoke on why angel networks setting up funds could be good for the ecosystem. According to him, despite the regulatory hurdles regarding angel tax, the ecosystem of early-stage angel funding continues to be robust.