SIDBI to close third fund at $214 million
Mumbai-based SIDBI Venture Capital is set to close its INR1,000 crore ($214 million) VC fund, its third, which comes in at twice as large as its predecessor, according to local reports.
Indian media notes that LP commitments mainly came from domestic banking, insurance and financial institutions, with SIDBI also committing INR250-300 crore ($53-64 million). The fund is expected to focus on large-scale growth capital investments and additionally target SMEs.
According to its website, SIDBI Venture Capital, launched in 1999, currently manages the National Venture Fund for Software and Information Technology Industry, currently in its divestment stage with a corpus of INR1 billion ($21.4 million); and the SME Growth Fund, which launched in 2005. The latter is a close-ended eight-year fund dedicated to SME sector with a corpus of INR5 billion ($106.8 million).
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