SEBI approves first Indian social venture fund
The Incube Connect Fund has become the first social venture fund to be approved under the Securities and Exchange Board of India’s (SEBI) new registration regulations.
The vehicle was launched by Gujurat-based Incube Ventures, which claims to be the country's first social venture fund company.
The sector-agnostic fund is targeting INR2 billion ($37 million) and will invest and incubate enterprises that will have social relevance. It will primarily focus on four sectors: healthcare, vocational education, clean energy and sustainable rural businesses.
The fund is registered an alternative investment fund (AIF), a regulatory classification introduced by SEBI last year to replace venture capital funds (VCF) and improve oversight of private equity, real estate and hedge fund investors.
"Incube has been sponsored by Incube Ventures for primarily incubating, mentoring, providing seed capital and angel investments to nascent business ideas of social ventures, promoting differentiated high social impact technology ventures amongst others," Mani Iyer, founder and mentor at Incube Ventures and former executive director at Intas Biopharmaceuticals, told The Business Standard.
The company has also incorporated an advisory board comprising six members from various business and investment backgrounds.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.