North East Venture Fund Boosts 37 Startups In The Region; Investment Of Rs 57 Crore, Creates Over 4,800 Jobs

NET Web Desk

Guwahati, August 08, 2023: G Kishan Reddy, the Union Minister for Development of North Eastern Region (DoNER), revealed in a written reply at the Lok Sabha that the North East Venture Fund (NEVF) has made substantial investments in 37 startups across various sectors, amounting to Rs 56.84 Crore. These investments have played a crucial role in generating 4,812 job opportunities in the region. The deals ranged from Rs 25 Lakhs to Rs 5 Crore in ticket size.

Notable beneficiaries of the NEVF include Assam-based logistics startup, Etash Delivery, SaaS startup, Invicto Software, Manipur-based Green Biotech, and Sikkim-based traveltech startup, Topview Infolabs, among others.

According to Minister Reddy, the startups supported by the NEVF have efficiently identified unique business opportunities in the region and have been providing value-added solutions to consumers through their innovative products and services.

The NEVF’s funding comes from multiple sources, with NEDFi contributing Rs 30 Crore, SIDBI with Rs 25 Crore, and MDoNER with Rs 45 Crore, as reported by Inc42.

Investment decisions at the NEVF are made by an independent committee comprising seasoned professionals from various sectors, including venture funding, private equity, and developmental banking.

Minister Reddy also highlighted that NEDFi has established its branch network throughout all states in the region to bolster entrepreneurship opportunities for marginalized sections and increase awareness about the fund.

So far, the NEVF has extended its support to startups in Assam, Arunachal Pradesh, Manipur, Meghalaya, Sikkim, and Tripura, fostering innovation and economic growth in the North Eastern region.

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