SIDBI Venture Capital raises Rs 285 Cr for its Rs 500 Cr Ubharte Sitaare Fund

Homegrown venture capital firm SIDBI Venture Capital Limited (SVCL) on Wednesday announced the first close of Rs 285 crore for its Rs 500 crore Ubharte Sitaare Fund (USF).

According to a statement, USF is an MSME-focused CAT II AIF, looking to invest in Indian companies that aim to expand globally and increase their export business.

The fund registered in July 2021 is co-sponsored by the Small Industries Development Bank of India (SIDBI) and India Exim Bank. It is backed by leading Indian banks and financial institutions, including Punjab National Bank, Bank of Baroda, Bank of India, Union Bank of India, Indian Overseas Bank, UCO Bank, and Self Reliant India fund.

USF is a sector-agnostic fund, which will be making growth stage investments across manufacturing and services companies in sectors such as pharmaceuticals, biotech, SaaS, edtech, value-added manufacturing, speciality chemicals, consumer brands, etc.

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S P Singh, CEO, SVCL, said, “SVCL has always strived to provide the support to Indian entrepreneurs in their endeavours to create a successful and globally competitive business from India. With the launch of USF, we want to be a partner in companies' journey to expand and grow in overseas markets, becoming globally successful companies, contributing to export growth of our country, and helping in realising the dream of the $5 trillion economy.”

At present, SVCL manages assets under management (AUM) worth more than Rs 2,000 crore. It has invested in companies such as Billdesk, Manthan Software, ESAF Finance, Caspian Impact, True Elements, M1Xchang, Momspresso, Stovekraft, etc.

As one of the oldest domestic venture capital funds in the country, SVCL, a wholly-owned subsidiary of SIDBI, has also got other funds under its portfolio. It manages a Rs 10,000 Funds of Fund — a Government of India initiative to invest in startups.