Spanning various industries including healthcare, biotech and cleantech, the ticket size of NEVF deals ranged anywhere between INR 25 Lakhs to INR 5 Cr
NEVF-funded startups have led to the creation of as many as 4,812 job opportunities in the region
NEVF is a dedicated SEBI-approved venture capital fund for the North Eastern Region with a total corpus of INR 100 Cr
The state-backed North East Venture Fund (NEVF) has so far invested in 37 startups across a wide spectrum of industries such as technology, healthcare, biotech, clean energy, among others.
This was stated by Union Minister for Development of North Eastern Region (DoNER) G Kishan Reddy in a written reply in the Lok Sabha.
The fund has so far invested INR 56.84 Cr in 37 startups since its inception. As per Reddy, the NEVF-funded startups have led to the creation of as many as 4,812 job opportunities in the region. The ticket size of the deals ranged anywhere between INR 25 Lakhs to INR 5 Cr, as per data shared by the Ministry.
The big-ticket startups funded by the fund include Assam-based logistics startup Etash Delivery and SaaS startup Invicto Software, Manipur-based Green Biotech, and Sikkim-based traveltech startup Topview Infolabs, among others.
“The startups, supported by NEVF, have identified the unique business opportunities available in the region and have provided value-added solutions to the consumers through their products and services,” said Reddy in a written reply.
North East Venture Fund is a dedicated Securities and Exchange Board of India (SEBI)-approved Category-I venture capital fund for the North Eastern Region. The fund is promoted by NEDFi (North Eastern Development Finance Corporation), the Ministry of DoNER and SIDBI with a total corpus of INR 100 Cr.
While NEDFi contributed INR 30 Cr to the fund, SIDBI and MDoNER accounted for INR 25 Cr and INR 45 Cr respectively.
An independent committee comprising experienced professionals from the areas of venture funding, private equity, and developmental banking, among others is responsible for taking investment decisions at the fund. The NEVF is regularly monitored and overseen by the Reserve Bank of India (RBI) and the Comptroller and Auditor General of India (CAG) in the form of periodic audits.
In his written reply, Reddy also said that NEDFi has established its branch network across all states in the region to augment entrepreneurship opportunities for marginalised sections and creating awareness about the fund.
The fund has so far invested in startups from Assam, Arunachal Pradesh, Manipur, Meghalaya, Sikkim and Tripura. Meanwhile, startup proposals from the states of Nagaland and Mizoram are at various stages of processing, as per the union government.
This adds to a slew of programmes the government launched to encourage entrepreneurs. Backed by schemes such as Startup India, NIDHI and funds of funds, a new crop of startups have emerged from all parts of the country. So far, the country is home to more than 1 Lakh-plus DPIIT-recognised startups and 108 unicorns.
As a result, a slew of new funds have also been launched in the recent past disputing funding number declining to a record low. As per Inc42, 40 funds have been launched this year alone so far worth more than $3.6 Bn.