Speaking to The Financial Express in a post-Budget analysis meet here, organised by Madras Chamber of Commerce, Chrysalis managing partner Gurcharan Das said that a surprising number of applications were from New Delhi. ``We expected Mumbai or Bangalore to be the hot spot,'' he said. Seventy per cent of the applicants who received funds from the fund were also from New Delhi.

So far seven deals have been made, he said. Funds were given to egurucool.com (a distance education site), baazie.com (an auction site), zipahead.com (a site to help for job recruitment) among others. He could not quantify on the actual amount disbursed, but said that the details would be revealed soon. Entrepreneurs will be chosen on the basis of their drive, background and organisational skills, Das said. About 50 to 100 applications were received every month. The company is not particular about the sites that it is financing and these could vary between B2C, C2C, etc as long as the venture looked unique and sustainable. Chrysalis Capital is currently being run by Ashish Dhawan who was earlier working with Goldman Sachs in the US and and Raj Kondur who was with Morgan Stanley in the US. Das on his part advises the funded entrepreneurs on brand-building and customer leads and marketing activities.