Rajasthan Venture Capital Fund (RVCF) on Thursday said it has raised Rs 75 crore for investment in technology focussed firms in the country and Rajasthan and the National Capital Region in particular.
The fund, an arm of Rajasthan Assest Management Company and the only one in the northern state, also has the option of raising another Rs 25 crore to take the corpus to Rs 100 crore.
RAMC CEO Girish Gupta said: “The fund is in touch with few foreign institutional investors and domestic institutional and private sector investors to achieve the final closure early.”
He said that the new fund would undertake individual investment in the range of Rs one crore to Rs 25 crore. “The fund will provide both start-up and growth capital to companies with focus on IT/ITES, auto, biotech and other technology oriented industries,” Gupta said.
The contributors to this fund are Rajasthan State Industrial Development and Investment Corporation. (RIICO), Small Industrial Development Bank of India (SIDBI), United India Insurance(UIIC), General Insurance Corporation of India (GIC), Technology Development Board (TDB), GoI and State Bank Bikaner and Jaipur (SBBJ).
For this purpose, the subscription agreement was signed by RAMC with these organisations.
Source: The Hindu