The fund has been launched by Nabventures, a subsidiary of NABARD, and has a proposed corpus of Rs 500 crore with an option to retain over-subscriptions of Rs 200 crore, called as the greenshoe option, an official statement said.
The statement said, the fund had its first close but details of the investments done by NABARAD and other limited partners, if any, were not immediately available.
The fund will have a high impact as it will provide a boost to investment ecosystem in the core areas of agriculture, food and improvement of rural livelihoods, NABARD chairman Harsh Kumar Bhanwala said.
Till now, NABARAD has contributed Rs 273 crore to 16 alternate investment funds, the statement said.
NABARD is now 100 per cent owned by the government, which has been focusing on startups through a slew of measures.
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