Indian government commits $29m to four GPs
The Indian government has committed INR2 billion ($29 million) to four domestic investment funds as part of its support for the entrepreneurial sector.
Recipients include Omnivore Partners India Fund II, CapAleph Advisors' Indian Millennium SME Fund, IQ Alpha III, and TVS Capital's TVS Shriram Growth Fund III, according to a Twitter post by the Small Industries Development Bank of India (SIDBI). SIDBI made the investments through its Fund of Funds for Startups (FFS) program launched last year.
FFS was founded under the government's Startup India initiative with a mandate to commit up to INR100 billion to investment funds operating in a range of sectors. The fund may invest in alternative investments funds (AIFs) registered with the Securities and Exchange Board of India (SEBI), focusing on early, seed, and growth-stage commitments.
Omnivore's fund, which reached a $46 million first close earlier this year, typically provides seed and Series A capital for agricultural technology companies, along with businesses working in rural and farm-related fields. CapAleph launched its fund in 2015 as a joint venture with Indian condiment maker Eastern Group, with a target of INR1.25 billion. The fund invests in Indian small businesses with a focus on the food and agriculture industry.
SIDBI, along with its investment arm SIDBI Venture Capital, has become a significant player in India's venture capital industry. The bank also manages the India Aspiration Fund, a INR100 bill fund-of-funds that has backed funds from managers including Blume Ventures.
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