State-backed North East Venture Fund (NEVF): 37 Startups Benefitted with INR 56.84 Cr Investment
The North East Venture Fund (NEVF), supported by the Ministry of Development of North Eastern Region (DoNER) and promoted by NEDFi (North Eastern Development Finance Corporation) and SIDBI, has made significant strides in fostering innovation. In alignment with SEBI’s Category-I venture capital fund guidelines, NEVF has infused INR 56.84 Crore into a diverse range of 37 startups across sectors like technology, healthcare, clean energy, biotech, and more.
Union Minister for DoNER, G Kishan Reddy, disclosed this noteworthy achievement, underlining NEVF’s commitment to catalyzing entrepreneurship in the region. These investments have sparked the creation of a substantial 4,812 job opportunities, amplifying economic growth in the North Eastern Region.
The investments made by NEVF range between INR 25 Lakhs and INR 5 Crore, enriching the startup landscape. Some standout beneficiaries of NEVF’s support include Assam-based logistics trailblazer, Etash Delivery, cutting-edge SaaS startup Invicto Software, Manipur’s pioneering Green Biotech, and Sikkim’s innovative travel technology startup, Topview Infolabs.
NEVF, a pivotal entity in fostering regional development, manifests the vision of supporting nascent enterprises. With a substantial corpus of INR 100 Crore, NEVF serves as a testament to the government’s dedication to propelling the North Eastern Region’s entrepreneurial ecosystem forward. This strategic initiative is poised to continue shaping a dynamic and prosperous future for the region.