Excelsior Correspondent
NEW DELHI, Mar 5: Venture Fund is being provided by the Ministry of Development of North Eastern Region (DoNER) to promote entrepreneurship and encourage Start-Ups in Northeast.
This was disclosed here today by union Minister for Northeast, Dr Jitendra Singh, in reply to a question in Rajya Sabha.
The North East Venture Fund (NEVF) was formally launched on 9th September 2017 with joint efforts of 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 were received across sectors like Agri-Allied, Healthcare, Biotechnology, Education, Food Processing, Tourism, Logistics, Parking, Aggregation of Services, Entertainment etc, and 40 proposals have been taken to the Investment Committee for perusal. 22 proposals have received investment commitment. The NEVF has till date made a disbursement of Rs.18.16 crore to 12 Start-Ups.
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