Sidbi raises $128m for India Opportunity Fund
Sidbi Venture Capital Fund is nearing the close of its India Opportunity Fund, having just received a commitment of INR6.7 billion ($128 million) from financial institutions.
A unit of the government's Small Industries Development Bank of India, Sidbi VC had originally targeted INR10 billion for the vehicle, however it appears to have reined in its expectations.
"We had a plan of raising around INR10 billion from this round," CEO Ananta P Sarma told the Business Standard. "However, we will not drag it further and will close it soon."
Public sector banks are said to have been the biggest contributor to the fund, which is Sidbi VC's second SME-focused corpus. Sidbi VC's SME Growth Fund, which launched in 2005 and raised INR5 billion, is a close-ended eight-year fund that is now in the divestment phase. Its first fund, the National Venture Fund for Software and IT Industry, was INR1 billion in size.
Sidbi VC, which was established in 1999, was originally reported as being about to close the India Opportunity Fund in August 2010.
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