SIDBI VC’s parent company, SIDBI, has reportedly made an INR2bn ($42m) anchor investment in the fund and the venture capital firm is in talks with a number of financial institutions to raise the remaining funds.
The firm has also appointed Harsh Kaul, former chief general manager of SIDBI, as CEO. Kaul told VCCircle he expects to make a first close of the new fund at INR5bn ($104m) in the next three months.
The fund will focus on making small investments in sectors such as agriculture, clean technology, IT and retail, Kaul said. He added that India-focused industries are expected to do well in the current economic climate.
Kaul will also reportedly be managing SIDBI VC’s INR20bn ($416m) risk capital fund, half of which is a loan from the Reserve Bank of India.
Source: Alt Assets