Serial technology entrepreneur Jaithirth (Jerry) Rao, who founded MphasiS and later sold it to global software firm EDS Inc nearly four years ago, is firming up a business plan for low-cost housing, which is picking up steam in India.
Industry sources close to Rao indicate that he has approached Infosys co-founder and now chief mentor NR Narayana Murthy for an equity investment.
Rao, after exiting MphasiS, has been playing the role of an angel investor for many firms and has been on the board of several companies, including Bangalore-based realty firm Puravankara Projects, which is getting active in the low-cost housing segment.
Rao, in fact, is understood to have stepped down from the board of Puravankara Projects to pursue his new interest in low-cost housing.
In addition to “seeking active support” from Narayana Murthy, Rao is also understood to have had advanced discussions with HDFC, among India's largest housing finance firms, to invest in his project.
Rao declined to comment on Murthy’s involvement and said he will talk when plans are finalised. Murthy, on his part, would not comment.
If an equity investment from Murthy materialises, he will join the likes of Azim Premji in investing in various companies from his personal wealth.
Premji, in fact, has institutionalised this under the brand ‘Premji Invests’ and has set up a fund which is estimated to be having a corpus of $1 billion.
