India Inclusive Innovation Fund has been launched by The National Innovation Council and the Ministry of MSME with an initial corpus of R500 Cr to solve the problems of citizens at the base of the economic pyramid in India.
The government will be contributing R100 Cr and the remaining will come from banks, insurance companies and overseas financial & development institutions.
Having a life of 9 years the fund aims to increase its corpus upto R5,000 Cr over the next two years. 50% of the fund will be deployed to enterprises that fall in the MSME stage.
The fund approved by the Union Cabinet will be registered under SEBI’s Alternative Investment Fund Category I guidelines and will invest in innovative ventures that are scalable, sustainable, profitable across sectors like healthcare, food, nutrition, agriculture, education and skill development, energy, financial inclusion, water, sanitation employment generation, etc.
IIIF would also partner the entire ecosystem in this space including incubators, angel groups and also public research and development programmes and laboratories to support the commercialisation and deployment of socially relevant innovative technologies and solutions.
The government would not be involved in the day to day operations of the fund, and it would be entrusted to an asset management company.
Recently, Unicap Venture Fund, unit of the Delhi-headquartered Unicap Advisory, had launched a MSME focused fund with corpus of R200 Cr. Also, Samridhi Fund, created by Department for International Development (DFID) in partnership with SIDBI had invested R1.9 Cr in Shikhar Dairy.
Satellite navigation startup backed by high profile Series A investors with an IP based product ready, is seeking pre Series B funding for sales growth. The startup with international strategic partnerships services blue chip clients and has a strong pipeline of orders.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.