North East Venture Fund Invests Rs 56 Cr In 37 Startups: MDoNER

New Delhi, Aug 8 (KNN) The North East Venture Fund (NEVF) have so far invested Rs 56.84 Cr in in 37 startups across sectors, Union Minister for Development of North Eastern Region (DoNER) G Kishan Reddy said in a written reply in the Lok Sabha.

The union minister said that the NEVF-funded startups have led to the creation of as many as 4,812 job opportunities in the region. The ticket size of the deals ranged anywhere between Rs 25 Lakhs to Rs 5 Cr.

As per reports, the big-ticket startups funded by the fund include Assam-based logistics startup Etash Delivery and SaaS startup Invicto Software, Manipur-based Green Biotech, and Sikkim-based traveltech startup Topview Infolabs, among others.

“The startups, supported by NEVF, have identified the unique business opportunities available in the region and have provided value-added solutions to the consumers through their products and services,” said Reddy in a written reply. 

While NEDFi contributed Rs 30 Cr to the fund, SIDBI and MDoNER accounted for Rs 25 Cr and Rs 45 Cr respectively, reported Inc42.

An independent committee comprising experienced professionals from the areas of venture funding, private equity, and developmental banking, among others is responsible for taking investment decisions at the fund.

In his written reply, Reddy also said that NEDFi has established its branch network across all states in the region to augment entrepreneurship opportunities for marginalised sections and creating awareness about the fund.

The fund has so far invested in startups from Assam, Arunachal Pradesh, Manipur, Meghalaya, Sikkim and Tripura.  (KNN Bureau)