Colruyt Group India invests INR 150M into Pavestone Technology Fund

Hyderabad, India, June 13th, 2024: Colruyt Group India, part of the EUR 9.9 billion Belgium-based Colruyt Group, has committed to invest INR 150 million to Pavestone Technology Fund, a SEBI-registered AIF with a target Corpus of INR 900 crore. This marks the second investment for Colruyt Group India in their portfolio of VC investments after pi Ventures in 2023.

Hari Subramanian, Managing Director of Colruyt Group India, and Partner Korys Investments India, stated, “We are excited to partner with Pavestone Technology Fund. India’s robust tech ecosystem, thriving start-up culture, and skilled workforce is set to drive deep tech trends leading to technological advancement, eventually contributing to economic growth and societal development. 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. It is our firm belief that through these investments in deep tech, we will have a pulse on the ever-changing technological landscape that has a positive impact on our business ecosystem.”

V. Laxmikanth, Managing Partner at Pavestone, added, “We are delighted to welcome Colruyt Group India as a strategic investor. They invest heavily in-house, to accelerate the digitalization, automation, and robotization of their retail operations across their organisation. Their extensive industry experience will undoubtedly enhance our ability to pursue and capitalize on promising investment opportunities. Till date, we made four investments—E42, NewSpace Research & Technologies, LivNSense, and Bellatrix Aerospace and we look forward to work with Colruyt and make an impact on the start-up ecosystem in India”