MUMBAI/BENGALURU: Mumbai-bred Turakhia brothers turned billionaires as a group of Chinese investors acquired their ad tech startup Media.net for $900 million in cash, in what would be the third largest deal in the industry. The newly set up RNT Capital Advisers, a venture fund launched by Tata Sons chairman emeritus Ratan Tata, will deploy $300 million across startups in India, Southeast Asia and the US. This comes at a time when traditional VCs and other deep-pocketed investors have become chary about the Indian tech ecosystem as the funding environment has sobered perceptibly over the past six months. Mayank Singhal, who was until recently with the Singapore government's investment fund Temasek Holdings, would be leading the India invest ments while Mathias Imbach, who has been with RNT Associates since last year, will look to build the fund's presence in Southeast Asia.Emailed questionnaires sent to Singhal at RNT Capital, InMobi and Ravi Gururaj, founder of Qikpod remained unanswered at the time of going to press. At the time they did not specify there would be a dedicated fund established.

Source: Times of India August 22, 2016 22:52 UTC