Tandem Capital launches India fund, to invest in 20 mobile startups over a year

Tandem Capital, a Silicon Valley-based mobile startup accelerator co-founded by India-born Sunil Bhargava, has launched an India-focussed fund, according to a news report.

The new fund, which has on board Manipal Education and Medical Group's CEO Ranjan Pai and its chief advisor TV Mohandas Pai as partners, will invest in 20 startups in the country over the next 12 months. Both Ranjan and Mohandas (they are not related) will also co-invest in the new fund. The company will add more partners in the coming months.

Earlier, there were reports that Tandem Capital was launching a $75-100 million early stage fund called The Habit Fund.

The new development was first reported by The Times Of India (). As per the report, the size and the ticket size of the new fund are not disclosed. However, Tandem Capital typically invests $200,000 in each startup through a convertible note. Based on a business' requirement, it will invest more.

Founded in 2007 by Bhargava, Doug Renert and Joyo Wijaya, Tandem Capital invests 'muscle capital' in six great startups at a time. Bhargava has 20 years of technology and marketing experience and has worked with Xerox PARC, HP, Oracle, Webvan and Business Signatures.