North East Venture Fund disburses 18 Cr to 12 start-ups

PIB News Update: Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh  has informed that The North East Venture Fund (NEVF) was formally launched on 9th September, 2017 with joint efforts from Ministry of Development of North Eastern Region (DoNER) and North Eastern Development Finance Corporation Ltd (NEDFi) to encourage entrepreneurs and Start-ups and to empower entrepreneurs from the North Eastern Region (NER). It is a close ended fund with capital commitment of Rs 100 crore. The investment is ranging between Rs.25 lakh and Rs.10.00 crore per venture,

which is long term in nature with investment horizon of 4-5 years.

The NEVF team has vigorously been participating in various events, seminars, conclaves etc across NER, and interacted with start-ups both on one to one and group basis to promote the fund. The team members have also interacted with various venture funds, incubators in the venture capital eco- system. Over the last three years, out of 212 enquiries/applications received across sectors like Agri-Allied, Healthcare, Biotechnology, Education, Food Processing, Tourism, Logistics, Parking, Aggregation of Services, Entertainment etc, 40 proposals have been taken to the Investment Committee for perusal and 22 proposals have received investment commitment. The NEVF has till date made a disbursement of Rs.18.16 crore to 12 start-ups.

(b)Year-wise details of the investment commitments: