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Bharat Innovation Fund Announced the Close of its $100 Million Fund

19Jul By Gauri SinghNo Comments

News

Bharat Innovation Fund Announced the Close of its $100 Million Fund

Bharat Innovation Fund (BIF), an early stage deep-tech and intellectual property (IP) focused venture has announced the first close of its $100 million fund. The venture has received the first close of the fund at approximately $50 million with secured commitments from institutional investors such as corporates, banks, insurers, and fund of funds. The various fund investors include SIDBI through its Fund of Funds for Startups (FFS) program, ICICI Lombard, Philips, Bajaj Electricals Ltd., RBL Bank, among others. “Indian entrepreneurs are producing globally-competitive IP-driven innovations across themes like healthcare/biotech, agriculture, energy, and enterprise-tech - enabled by cutting-edge research and trends like AI, ML, IoT, India Stack, among others. Bharat Innovation Fund wil...

Indian VC Industry Urged to Submit Papers On Issues Around Startup Ecosystem

9Apr By Lavina TolaniNo Comments

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Indian VC Industry Urged to Submit Papers On Issues Around Startup Ecosystem

India's enterprise capital business has been urged to submit a white paper with policy recommendations to regulators that could help in addressing issues raised by stakeholders within the startup landscape. Indian Private Equity and Venture Capital Association (IVCA) is a nodal body designated for Risk capital sector in India. The development has come right after a roundtable organised by Startup India, an initiative organised by Ministry of Commerce and chaired by Suresh Prabhu that witnessed participation of representatives from Department of Industrial Policy and Promotion (DIPP), market controller Securities and Exchange Board of India (SEBI) , Small Industries Development Bank of India(SIDBI) and Department of Revenue and Economic Affairs. SIDBI Chairman, Mohammed Mustafa stated...

LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary

7Oct By Press Trust of IndiaNo Comments

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LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary

Life Insurance Corporation of India and other pension funds "must step in" to fund startups, Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said on Friday. "LIC and other pension funds must step in... definitely that money needs to be leveraged," Abhishek said here at the India Economic Summit, jointly organised by CII and WEF. Speaking at a session on startups, founder of Pinstorm and Seedfund Mahesh Murthy stated that big companies like LIC and cigarette firms are found wanting as far as funding of start-ups is concerned. "I am taking note (of this suggestion)," Abhishek said, adding that the government is engaging with start-ups to resolve issues to give a push to budding entrepreneurs. On the Rs 10,000-crore Fund of Funds, the secretary s...

24Jun By AnkitaNo Comments

FUNDING

SIDBI Ramps Up Start-up Funding Operations

With the Centre approving Rs 10,000 crore Fund of Funds for Startups, the Small Industries Development Bank of India (SIDBI) has ramped up its start-up funding operations to boost the sector. "SIDBI has ramped up the start-up funding operations to boost Start-up India initiative with the launch of funds like unique India Aspiration Fund and Fund of Funds operations," SIDBI Chairman and Managing Director Kshatrapati Shivaji said. The lender has so far supported 95 funds, including 11 regional funds, with an aggregate commitment of Rs 2,576 crore. "The Cabinets approval for establishing FFS will help enhance the scale of operations under its Fund of Funds activities with a deeper engagement with startup ecosystem and boost ambitious Startup India initiative. "SIDBI would be using its...

SIDBI Sanctioned Rs 1,000 crore to 30 Venture Funds

24Apr By AnkitaNo Comments

News

SIDBI Sanctioned Rs 1,000 crore to 30 Venture Funds

The Small Industries Development Bank of India (SIDBI) has sanctioned Rs Rs 1,416 crore crore to 30 venture funds through the government-financed India Aspiration Fund, which seeks to support startups in their early stages. Earlier this month, SIDBI signed a memorandum of understanding with Life Insurance Corporation of India under which the government-owned company would contribute 10% of the fund as a co-investor. "We got many proposals from funds, out of which 35 proposals were recommended by the VCIC to our executive committee. We have already approved 30 of the proposals worth Rs 1,000 crore," Shivaji said. The proposals are from venture funds such as IvyCap Ventures, Blume Ventures and Exfinity Venture Partners. SIDBI will provide these funds about 15% to 20% of their total ...