Ubharte Sitaare Fund (USF) promoted by SIDBI Venture Capital Limited (SVCL) on Wednesday announced the first close of Rs 285 crore for its Rs 500 crore USF to help companies preparing to go global.
USF is an MSME-focused CAT II AIF, plans to invest in Indian companies that are preparing to expand globally and increase their export business, according to a statement.
Ubharte Sitaare Fund would invest primarily by way of investments in privately negotiated equity / equity related and / or convertible / non-convertible debt instruments in unlisted companies. It shall also endeavour to provide mentoring support and other value additions to enable the investee companies achieve rapid growth and achieve / maintain their competitive edge in international markets. The Fund will seek board representation and other rights as an investor.
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.
SIDBI raises Rs 285 Cr for its Rs 500 Cr Ubharte Sitaare Fund
S P Singh, CEO, SIDBI Venture Capital, 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.
The Ubharte Sitaare 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.
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.
