SIDBI Venture Capital raises Rs 285 crore for its Ubharte Sitaare Fund, which is valued at Rs 500 crore
- ByStartupStory | March 24, 2022
SIDBI Venture Capital Limited (SVCL), a homegrown venture capital firm, announced the first closing of Rs 285 crore for its Rs 500 crore Ubharte Sitaare Fund on Wednesday (USF). USF is a CAT II AIF that focuses on MSME investments, according to a statement. It seeks to engage in Indian companies that want to expand abroad and increase their export operations.
The Small Industries Development Bank of India (SIDBI) and India Exim Bank are co-sponsoring the fund, which was established in July 2021. Punjab National Bank, Bank of Baroda, Bank of India, Union Bank of India, Indian Overseas Bank, UCO Bank, and Self Reliant India Fund are among the banks and financial institutions that have backed it.
USF is a sector-agnostic fund that will invest in manufacturing and services companies at the growth stage in industries such as pharmaceuticals, biotech, SaaS, edtech, value-added manufacturing, specialty chemicals, consumer brands, and so on.
SVCL now handles over Rs 2,000 crore in assets under management (AUM). Billdesk, Manthan Software, ESAF Finance, Caspian Impact, True Elements, M1Xchang, Momspresso, Stovekraft, and other enterprises have benefited from its investments.
SVCL, a wholly-owned subsidiary of SIDBI, is one of the country’s oldest domestic venture capital funds. It also manages additional funds. It oversees a Rs 10,000 Funds of Fund, which is a government-sponsored program to invest in businesses.
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