For iconic global fund manager Mark Mobius, opportunities in the booming Indian start-up space are too alluring to ignore.

The man who encourages investors to put money into developing economy stocks has invested in a Mumbai-based engineering technology start-up, Entropy Innovation.

Started in 2013 by a team of IIT and IIM alumni, Entropy manufactures automatic motorcycle wash machines. These ‘Express Bike Wash’ machines are capable of thoroughly washing a motorcycle within 2-5 minutes, says the company.

New York-based Mobius, who is equated with Warren Buffett and George Soros, is currently the executive chairman of Templeton Emerging Markets Group. A total of 10 angel investors, including Mobius and AdvantEdge Incubator, have also invested in the firm as part of an angel network, ah! Ventures.

“Everybody is looking at India keenly and everybody wants to ride on the start-up growth story in the country. The investment, which I believe is Mobius’ first in the start-up space, has been made in his personal capacity,” ah! Ventures Founder and Chief Executive Officer Harshad Lahoti told Business Line . Lahoti, however, declined to comment on the quantum of investments made by the investors. ah! Ventures had also advised and syndicated the deal. Lahoti and Rajesh Sehgal, senior executive directors at Templeton Emerging Markets Group, are among the 10 others who have invested in Entropy Innovation. Sehgal is slated to join Entropy Innovations as its investor director.

Expansion planned

“With this round of funding, we are looking to increase our manufacturing capacity, grow to multiple locales and equip places such as petrol pumps, malls, corporate parks and societies with our product,” said Jigar Vora, co-founder of Entropy.

The firm, which has a few installations at service stations, also has a few retail touch points — branded ‘TheEBW Store’ — in Mumbai.

Entropy Innovation had earlier raised an undisclosed amount in an angel round. This round is its institutional funding, said Vora, adding that the company intends to use the proceeds to drive its expansion plans.

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