Textiles Ministry is launching Tex-Venture Capital Fund, a Rs 35 crore venture capital fund to provide support to startups, in association with Small Industries Development Bank of India (SIDBI).
“The primary objective of the fund will be to make early and growth stage investments in small enterprises. These will be innovative enterprises in new and emerging fields in textiles industry, including powerloom sector and allied products & services.”
“Textiles Ministry and SIDBI are the initial contributors to the fund which is expected to commence with a minimum corpus of Rs 35 crore while the targeted fund size is Rs 80 crore,” SIDBI Deputy Managing Director NK Maini said.
SIDBI is the fund’s sponsor and each investment will be limited to Rs 3 crore. The funds will commence operation shortly, Maini added. Textiles Minister Santosh Gangwar, who was here to chair the state textiles ministers’ conference, said: “To provide equity to start-up entrepreneurs, we shall be launching a Tex-Venture Capital Fund in association with SIDBI. The fund shall be started with an initial capital of Rs 35 crore and scaled up further.”
Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Textiles Ministry, Tex-Venture Capital Fund, Startup, Small Industries Development Bank of India, SIDBI, NK Maini, Santosh Gangwar.