Japan International Cooperation Agency invests in Neev Fund II
- ByTejika Bajaj | December 27, 2021
Japan’s International Cooperation Agency (JICA) has recently agreed to invest an undisclosed sum in Neev Fund II, a small and medium enterprises (SME) fund focused on climate action, environment sustainability and social impact.
The European Investment Bank (EIB), Foreign, Commonwealth and Development Office (FCDO), Small Industries Development Bank of India (SIDBI), and the SBI Group are among the other investors.
Talking about the recent investment, the MD and CEO of SBI Capital Markets and Non-Executive Chairman, SBICAP Ventures Ltd, Arun Mehta said, “Neev II Fund is building the sustainable growth and impact ecosystem for SMEs in India. Neev II Fund will provide equity to SMEs focusing on mitigating climate risks, promoting social development, job creation and gender equality at scale.”
Under the management of SBI’s group company, SBICAP Ventures, Neev Fund II will provide equity and quasi-equity capital to India’s emerging SMEs.
A recent revelation administered that the State Bank of India’s private equity (PE) capital arm has also recently scaled up the target for this fund by five times to Rs 2,000 crore. In May, European Investment Bank (EIB), in one of its first PE investments in India, agreed to invest $120 million (Rs 886 crore) in Neev Fund II, along with SBI.
By June 2022, SBICap Ventures expects to have the entire fund operational. The process of investing has started. It has invested Rs 275 crore in three companies, two of which are involved in waste management and the other in pollution control technologies.
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