SEBI gives approval to Bharat Innovation Fund as VC fund

Bharat Innovation Fund, has received approval from Securities and Exchange Board of India to operate as a Venture Capital Fund.

Feb 12, 2017 04:02 IST India Infoline News Service

Sebi
Bharat Innovation Fund, has received approval from Securities and Exchange Board of India to operate as a Venture Capital Fund.
 
The company is a public-private-academia partnership, set up by a well known Indian educational organisation, IIM Ahmedabad's Centre for Innovation Incubation and Entrepreneurship (CIIE). The fund was created to support and encourage bright entrepreneurs who have innovative solutions for the country's toughest problems. 
 
The funding includes grants, seed funding and venture capital made available to the bright entrepreneurs for scaling up their business. The focus would remain on Healthcare and Life-Sciences, which includes biotech, medical devices, as also sustainability pertaining to energy, agriculture, environment and water. They also support corporates adopting digital technologies, specially so for technologies related to manufacturing and design.
 
As per the sources, the company has secured Category - I Venture Capital Fund status from SEBI, to run their business. As per the norms, Category-I funds also get incentives from the government and regulators.

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