SIDBI ties up with LIC for capital support to enterprises

SIDBI ties up with LIC for capital support to enterprises

Small Industries Development Bank of India (SIDBI) has tied up with Life Insurance Corporation of India (LIC) to give a boost to the venture capital ecosystem for MSMEs. LIC and SIDBI signed Contribution Agreements with 7 Venture Capital Funds (VCFs) with an aggregate commitment of Rs

99.50 crore from LIC on January 03 in New Delhi. This is over and above commitment of Rs 162.75 crore already given to these funds by SIDBI. Commitments made by SIDBI in fiscal years 2015 and 2016 were Rs 314.40 (11 funds) and Rs 606.75 crore (19 funds), respectively. SIDBI constituted a Venture Capital Investment Committee (VCIC) in 2015 to outlook this process. The panel comprises experts such as H K Mittal (head, National Science & Tech Entrepreneurship Development Board), Kiran Karnik (former Nasscom chief), Sanjeev Bikhchandani (founder, naukri.Com), Saurabh Srivastava (co-founder Nasscom and Indian Angel Network), Prof R Vaidyanathan (from IIM, Bangalore) and T V Mohandas Pai (former CFO, Infosys).