SIDBI Venture Capital Limited (SVCL) announced the first close of Rs 285 crore for its Rs 500 crore Ubharte Sitaare Fund (USF).
The 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.
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, specialty chemicals, consumer brands, etc.