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Bharat Innovation gets Sebi nod to operate as VC fund

Fund to back start-ups in social enterprise area; Focus areas: health, digital tech, sustainability

Press Trust of India  |  New Delhi 

Tiger Global slows down but VC funding remains vibrant

IIM Ahmedabad-backed Fund has received market regulator Sebi's approval to operate as a

The Bharat Fund is a public-private-academia partnership set up by IIM Ahmedabad's Centre for Innovation Incubation and Entrepreneurship (CIIE) that helps entrepreneurs turn ideas into viable businesses.

The objective of the fund is to support and provide funding (grants, seed capital, venture capital) and business support to innovation-driven that solve real problems faced by the masses through technology-enabled and rapidly scalable solutions.

It would focus on healthcare and life-sciences (including biotech, medical devices), sustainability (energy, agriculture, environment, water) and technologies (especially in manufacturing, design).

As per the latest update about registered Alternative Investment Funds with Sebi, Fund has secured the regulator's go-ahead to run business as category-I

Under the norms, category-I funds get incentives from the government and regulators.

The (DBT) had committed to invest Rs 50 crore in the fund over the next three years to help startup India initiative.

Earlier in September 2015, Prime Minister during his US visit had announced the launch of the fund at the 'Startup Konnect' event in California.

First Published: Fri, February 10 2017. 15:13 IST