The country's largest private sector lender, ICICI Bank, is evaluating its options to launch a $100 million (about Rs 460 crore) dedicated venture capital fund for small and medium enterprises (SMEs) and mid-market companies.
The “Emerging India Fund” is an ICICI group initiative to provide growth capital to Indian companies in the SME and mid-market segment, an ICICI Bank spokesperson said, as reported my a news agency recently.
The Emerging India Fund, which is expecting its first close in the next few weeks at $50 million, has already received firm commitments from several reputed institutions, he said.
This is a $100 million fund to be managed by ICICI Investment Management Company Limited (IIMCL), a wholly owned subsidiary of ICICI Bank.
The fund is registered with SEBI as a domestic venture capital fund, spokesperson added.
Source: Trade India