2014-05-20

Odisha\'s Rs 100 crore venture capital fund to support MSMEs

The Odisha government has decided to float a venture capital fund with a corpus of Rs 100 crore. The fund is aimed at providing seed funding to start-ups in the MSME sector.

Odisha\'s Rs 100 crore venture capital fund to support MSMEs

The Odisha government has decided to float a venture capital fund with a corpus of Rs 100 crore. The fund is aimed at providing seed funding to start-ups in the MSME sector.

 

The state government’s contribution to the fund will be Rs 50 crore that will be disbursed in two tranches — Rs 25 crore in 2014-15 and an equal amount in Rs 2,015-16.

 

The residual amount of Rs 50 crore is expected to be raised from banks like Small Industries Development Bank of India (Sidbi) and also from state run companies.



Gujarat Venture Finance Ltd, a Gujarat government undertaking with 24 years of experience in venture finance, has been roped in as the partner and consultant for creation of the fund.

 

The onus will be on GVFL to take care of the regulatory, legal aspects and other formalities. The state MSME department will develop a concept paper with support from successful venture capital models in the country.

 

An asset management company (AMC) will be formed with an authorised capital of Rs 1 crore in which the Odisha government will contribute 51 per cent. The venture capital fund and AMC would start functioning in the next six months. A memorandum of understanding (MoU) will be signed between GVFL and the state MSME department for creation of the venture capital fund.

Related opportunities
  • Precious Jewellery
    We believe that jewelry has the magical ability to bring..
    Locations looking for expansion Maharashtra
    Establishment year 2023
    Franchising Launch Date 2023
    Investment size Rs. 30lakh - 50lakh
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Haveli Maharashtra
  • Tea And Coffee Chain
    POKKET Café offers its customers a daily escape from big..
    Locations looking for expansion Maharashtra
    Establishment year 2013
    Franchising Launch Date 2022
    Investment size Rs. 20lakh - 30lakh
    Space required 800
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater PUNE Maharashtra
  • Car Wash / Ceramic Coating / Detailing
    About Surface Protective Solutions – SPS continues to develop what..
    Locations looking for expansion Maharashtra
    Establishment year 2011
    Franchising Launch Date 2021
    Investment size Rs. 5lakh - 10lakh
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Hingna Maharashtra
  • Quick Service Restaurants
    PUCHKAMAN – The Street Food Ka Superhero Puchkaman is a unit..
    Locations looking for expansion West bengal
    Establishment year 2018
    Franchising Launch Date 2019
    Investment size Rs. 5lakh - 10lakh
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Kolkata West bengal
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads