Sidbi strengthens Life Insurance Corporation of India partnership

The two partners, which signed a memorandum of understanding in April 2016 for LIC to support the India Aspiration Fund, have launched the first phase of that collaboration.

India state-owned financial institution Small Industries Development Bank of India (Sidbi) has obtained Rs995m ($15m) from insurance provider Life Insurance Corporation of India (LIC) to invest in seven VC funds, according to YourStory.

The agreement marks the first phase of a memorandum of understanding signed by the two partners in April 2016, when LIC signed up to provide a total of up to Rs2bn to funds supported by Sidbi’s Rs20bn India Aspiration Fund.

The money is aimed at improving the venture capital ecosystem in India and provide micro, small and medium-sized enterprises with more access to funding.

Sidbi has set up a Venture Capital Investment Committee to support that work, made up of influential local individuals, such as Saurabh Srivastava, co-founder of trade association National Association of Software and Services Companies and Indian Angel Network.

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