Govt creating India Inclusive Innovation Fund with initial corpus of $80M
Monday, February 3, 2014
The National Innovation Council (NIC) and the Ministry of micro, small and medium enterprises (MSME), are jointly launching India Inclusive Innovation Fund (IIIF), with an initial corpus of Rs 500 crore ($80 million) with an aim to grow it ten times within two years.
The fund, which has been approved by the Union Cabinet, will be registered under SEBI’s Alternative Investment Fund Category I guidelines. This category covers venture capital funds among a few others such as infrastructure funds and angel funds.
The Ministry of MSME will commit 20 per cent (Rs 100 crore) to the initial corpus and the balance will come from banks, insurance companies, overseas financial and development institutions.