The government of China will launch a new 40 billion RMB (about $6.5 billion) venture capital (VC) fund to invest in seed-stage technology start-ups. This coincides with the rising investor interest in Chinese VC firms after several years of decline. The fund will include capital from the Chinese government and private investors.
In an announcement last week, China said the purpose of the fund is to support development of emerging industries, which the government hopes will translate into greater economic growth.
$32 mn fund for SC entrepreneurs
The government has floated a $32 million (Rs 200 crore) venture capital fund to back entrepreneurs from the scheduled castes (SC), a social group representing people from socially backward strata in the country. This comes a year after the previous finance minister proposed to float such a fund. The fund would invest up to Rs 15 crore in backing such entrepreneurs with a six-year investment horizon. Industrial Finance Corporation of India, which also runs a separate VC fund to back small and medium enterprises, will act as sponsor, asset manager to operate the scheme.
eKincare raises $160,000
Hyderabad-based Aayuv Technologies, which runs eKincare, an online cloud-based platform that enables users to upload their medical records, has secured Rs 1 crore ($161,000) in an angel round of funding from a US-based healthcare enterprise firm Adroitent, reports VC Circle. Last month it had secured the same amount from incubator-cum-seed fund Bitchemy Ventures. eKincare is focusing on personalised, preventive and predictive healthcare.
Sidbi backs Pawar Systems
Sidbi ventures, the private investment arm of Small Industries Development Bank of India (Sidbi), has invested Rs 25 crore in Pawar Electro Systems, a blood bank and medical cold chain equipment manufacturing company.
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