$15 Mn Fund Launched For North East Startups

North Eastern Development Finance Corporation Ltd (NEDFi) has set up a $15 Mn (INR 100 Cr) fund for startups. The venture fund aims to boost the entrepreneurship ecosystem in the North East region. The NE region includes eight states viz. Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Sikkim.

NEDFi has also inked an MOU with Ministry Of Development Of North Eastern Region, North East India. (Ministry of DoNER).

The initial focus will be on early and growth stage startups in IT/ ITES, food processing, healthcare, tourism, retail and aggregation of services. According to local media reports, the fund would also focus on investing in areas such as the development of new products and services, technological upgrade, expansion or diversification, process improvement and quality improvement with the purpose of creating value for all stakeholders.

As told by B. Paul Muktieh, Chairman & Managing Director of NEDFi to ET,  NEDFI will contribute INR 30 Cr while DoNER ministry will add INR 25 Cr to the fund corpus. The rest INR 25 Cr will be raised from other financial institutions. “If we do not get requisite support from institutions, NEDFi will contribute the balance amount,” he added.

The fund’s operations will be handled by NEDFi under two wholly owned subsidiary companies, NEDFi Trustee Ltd and NEDFi Venture Capital Ltd. These are expected to be launched in October this year, after getting SEBI approval.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

$15 Mn Fund Launched For North East Startups-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

$15 Mn Fund Launched For North East Startups-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

$15 Mn Fund Launched For North East Startups-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

$15 Mn Fund Launched For North East Startups-Inc42 Media
$15 Mn Fund Launched For North East Startups-Inc42 Media
You’re in Good company