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.

See more from this Government Report: India

Back

Supporting articles

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. HTGF conference scouts innovation, finds cooperation

    February 06, 2017

  2. Iyzico gets IFC backing to raise $13m

    January 24, 2017

  3. China switches on $14.5bn internet fund

    January 25, 2017

  4. Editorial: GGV launches Leadership Society

    January 30, 2017

  5. Personal MedSystems beats its way to series B

    January 26, 2017

Events

  • 23 May - 24 May, 2017

    GCV Symposium 2017 - London

    Join 400+ business leaders from the corporate venturing and wider high growth business ecosystem for the two-day 2017 GCV Symposium.

  • More Events