SC/ST entrepreneurs to get Rs 500 cr venture capital fund from DICCI
Updated: Jun 05, 2013 03:13:39pm
New Delhi, Jun 5 (KNN) In order to provide a boost to entrepreneurs belonging to the Scheduled Castes and Scheduled Tribes category, a Rs 500 crore venture capital fund will be launched soon.
The Dalit Indian Chambers of Commerce and Industry (DICCI) SME Fund, a venture capital fund initiated by the DICCI has received SEBI’s approval to raise Rs 500 crore for 10 years through close ended fund.
While the Small Industries Development Bank of India (SIDBI) has already committed Rs 10 crore, talks are on with other banks and financial institutions. The plan is to create entrepreneurial role models within SC/ST communities that will attract educated SC/ST youth to the entrepreneurship, said a media report quoting DICCI President, Milind Kamble.
Speaking to a news agency Kamble also said that all government schemes were focused on generating self-employment for the marginalised people. However, there was no thrust towards entrepreneurship or scaling up.
The overall size of the fund will be Rs 500 crore, he said, adding that the DICCI was planning to raise the first tranche of Rs 150 crore in a year's time from now.
"The fund will invest exclusively in enterprises promoted by scheduled caste and scheduled tribe entrepreneurs. Typically, an investment will be between Rs 5 crore and Rs 15 crore," he said. Currently, DICCI is in talks with financial institutions and high net individuals for fund-raising.
DICCI had taken the help of KPMG, IL&FS and FinSec Law Advisors before applying to Sebi, which gave the go-ahead on October 1, 2012. (KNN)
The Dalit Indian Chambers of Commerce and Industry (DICCI) SME Fund, a venture capital fund initiated by the DICCI has received SEBI’s approval to raise Rs 500 crore for 10 years through close ended fund.
While the Small Industries Development Bank of India (SIDBI) has already committed Rs 10 crore, talks are on with other banks and financial institutions. The plan is to create entrepreneurial role models within SC/ST communities that will attract educated SC/ST youth to the entrepreneurship, said a media report quoting DICCI President, Milind Kamble.
Speaking to a news agency Kamble also said that all government schemes were focused on generating self-employment for the marginalised people. However, there was no thrust towards entrepreneurship or scaling up.
The overall size of the fund will be Rs 500 crore, he said, adding that the DICCI was planning to raise the first tranche of Rs 150 crore in a year's time from now.
"The fund will invest exclusively in enterprises promoted by scheduled caste and scheduled tribe entrepreneurs. Typically, an investment will be between Rs 5 crore and Rs 15 crore," he said. Currently, DICCI is in talks with financial institutions and high net individuals for fund-raising.
DICCI had taken the help of KPMG, IL&FS and FinSec Law Advisors before applying to Sebi, which gave the go-ahead on October 1, 2012. (KNN)
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