Colruyt Group India commits ₹15 cr investment in Pavestone Tech Fund
The Hindu
Colruyt Group India invests Rs 15 cr in Pavestone Tech Fund, aiming to boost start-ups and tech innovation in India.
Colruyt Group India has committed ₹15 crore investment in SEBI-registered AIF Pavestone Technology Fund that is targetting a corpus of ₹900 crore.
This is the company’s second investment and the first investment was in pi Ventures in 2023. The company is a part of the euro 9.9 billion Belgian food and grocery retailer Colruyt Group.
“Pavestone GP are accomplished fund managers who possess a fine eye for promising start-ups. We will certainly benefit from Pavestone’s deep tech experience and value creation,” Hari Subramanian, Colruyt Group India MD and Korys Investments India Partner, said on June 13 in a release announcing the investment.
“Delighted to welcome Colruyt Group India as a strategic investor. They invest heavily in-house, to accelerate digitalisation, automation and robotisation of their retail operations across their organisation. Their extensive industry experience will undoubtedly enhance our ability to pursue and capitalize on promising investment opportunities,” V. Laxmikanth, Managing Partner at Pavestone, said.
Till date, Pavestone has made four investments — E42, NewSpace Research & Technologies, LivNSense and Bellatrix Aerospace — and looked forward to working with Colruyt and make an impact on the start-up ecosystem in India, he said.
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