India's largest private equity fund management company IL&FS Investment Managers Ltd said on Tuesday it will invest $100 million in QVC Realty making it the first venture capital-backed real estate start-up in the country.

While it has already deployed $50 million in the company, the remaining will be invested in the next six to eight months, IIML Vice-Chairman and Managing Director Shahzaad Dalal told reporters in Mumbai.

The capital infusion is out of the $525-million real estate fund of IL&FS, he said. "We have identified two townships and eventually we will fund more projects to create good value."

With the infusion, QVC Realty Founder and CEO Prakash Gurbaxani said the company will shortly start developing two townships of 100 acres each in Gurgaon and Bangalore. Several other sites are being evaluated.

"We hope to develop about 50-125 acres in different cities of the country."

The Gurgaon project will be developed by QVC Realty, while the company will rope in a local partner for the Bangalore township. Initially, the company will operate in 12 markets, including Tier I and II cities like Mumbai, Delhi NCR, Indore, Bangalore, Hyderabad, Pune, Kolkata, Chandigarh and Nagpur.

The projects will cover residential, commercial complex, retail and hospitality among others. The capital structure of QVC Realty has a two-third equity component contributed by IL&FS while the remaining one-third will be debt, Gurbaxani said.