GlobalLogic founders to float angel fund

The founders of California-based software developer GlobalLogic, which was recently acquired by Apax Partners in a multi-million dollar deal, are gearing up to launch an angel fund that would focus on investing in sectors like healthcare, education and outsourcing in India and the US, Economictimes.com reported citing one of the executives.

GlobalLogic was founded by four IITians, Rahul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay.

"We are already involved in a few startups in our personal capacities but till now all our efforts were very informal in nature. We are formalising this effort and will come up with an early stage fund," Sanjay Singh told the news website.

He said an announcement about the fund could be made by end of February. Rahul Garg is expected to head the Indian operations for the proposed angel fund.

According to the news portal, the ticket size for the fund is expected to be $100,000 to $300,000.

Singh did not specify if the fund would largely create the investment corpus from the money that the quartet received from selling GlobalLogic or whether it would also pool in money from other investors.

GlobalLogic's four founders exited the company after selling their stakes to private equity firm Apax Partners last October. The firm was also backed by investors like WestBridge Capital, New Atlantic Ventures, New Enterprise Associates and Sequoia Capital. The deal was valued at over $400 million and it was unclear how much money the founders received for their stakes in GlobalLogic.

GlobalLogic was founded in 2001 as IndusLogic and later renamed. Most of the company's software-development operations and employees are based in India.

(Edited by Joby Puthuparampil Johnson)