Sidbi Venture Capital lines up new fund

Sidbi Venture Capital (VC) is planning to launch a new fund targeted at the small and medium enterprises (SME) segment early next year.

The new fund will be announced once the SME fund is fully deployed by the year-end, Chief Executive Officer Anil Kapur said on the sidelines of a press conference to announce an investment of Rs 30 crore in two Centaur Group companies.

The VC company has a total corpus of Rs 600 crore and Centaur is the 21st investment from the SME fund. It invested Rs 30 crore in Centaur Pharmaceutical and Centaur Chemicals to acquire minority interest.

The group intends to tap the capital market after two-three years and Sidbi VC intends to cash out at that time.

The venture capital arm of Small Industries Development Bank of India (Sidbi) already has two funds – National Fund for Software and IT with a corpus of Rs 100 crore and the SME Growth Fund with Rs 500 crore. The IT fund has been deployed fully and nearly three-fourths of the SME fund has been committed, Kapur said.

The new fund will have a corpus larger than the existing ones and is likely to focus only on the small and medium sector, he said. It is looking for investment in other sectors like information technology.

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Sidbi Venture Capital lines up new fund