BOV Capital, a Sri Lanka-focused venture capital firm, has reached an initial close for its first fund with INR300 million (approximately US$4.5 million) in capital commitments. Investors in the fund, which has an INR1 billion (approximately US$14.9 million) target, include a number of Indian high net-worth individuals and additional investors from Singapore. The fund will focus on business-focused software-as-a-service startups operating in the big data and analytics space, but may also consider consumer internet investments. The fund will make seven to ten investments, with values of INR60 million (approximately US$0.9 million) to INR120 million (approximately US$1.8 million).