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Self Reliant India (SRI) Fund

Dr. Rajneesh, AS & DC, Ministry of MSME visits SVL’s Mumbai office

SBICAP Ventures Ltd. had the pleasure of hosting Dr. Rajneesh, Additional Secretary & Development Commissioner, Ministry of MSME, Government of India at SVL’s Mumbai office.

Dr. Rajneesh held discussions that covered the impact of the Self-Reliant India (SRI) Fund, opportunities and challenges facing the daughter funds, suggestions for improvement, and future growth strategies. He also interacted with a few investee companies and the incisive insights that emerged would be helpful in increasing the effectiveness and reach of the fund.

Our heartfelt thanks to Dr. Rajneesh for his gracious presence, and other participants for the partnership! Let’s keep scaling greater heights together.

Self-Reliant India (SRI) Fund Outreach Program

The outreach event at Lucknow, hosted by the Self-Reliant India (SRI) Fund, managed by SBICAP Ventures Limited (a State Bank of India Group company), and supported by NSIC and NVCFL, provided a platform for fund managers to share insights and interact with SME entrepreneurs in UP.

The chief guest of the event, Amit Mohan Prasad, Additional Chief Secretary (MSME) of the Uttar Pradesh Government, stressed the direct and positive impact of empowered and innovative MSMEs on the Indian economy. He outlined the UP government's commitment to providing a solid framework for the young generation of entrepreneurs, with a focus on addressing crucial needs such as land and financing. He also appreciated the efforts of the State Bank of India in helping young entrepreneurs with the timely availability of funds.

Saravana Kumar A., Director & CEO, NVCFL, emphasised the importance of such outreach events to encourage mutual interactions. He explained the Self-Reliant India (SRI) Fund, highlighting its achievements and future strategies for empowering MSMEs and fostering national economic self-reliance.

Suresh Kozhikote, MD & CEO of SBICAP Ventures Limited (SVL), discussed the role that SVL plays in nurturing MSME growth and helping them make a difference in the community they serve. He highlighted the importance of being futuristic and working to build scalable as well as sustainable businesses.

Sharad Chandak, Chief General Manager of SBI, Lucknow Circle, spoke on SBI's commitment to assisting MSMEs through innovative products and fostering economic growth with tailored financial solutions. He also talked about the digital initiatives of the Bank, like YONO Business, to digitise banking services.

Sanjay Rautela, ZGM (North) of NSIC, highlighted the key strategies and schemes NSIC has for MSMEs.

Discussing what venture capital funds look for, Sarika Saxena, Managing Partner at IAN Alpha Fund, emphasised the significance of having a successful track record, revenue-generating products, and a complimentary founding team.

The panel discussion was on “potential, opportunities, and challenges in attracting investment in Tier 2/3 cities of India,” moderated by Ankit Agrawal of SBICAP Ventures. The panellists, Dhruv Kapoor, Partner at Anicut Capital; Stuti Bhartia, Vice President at 360 One Asset; Rajini Vislawath, Partner at Pontaq; Dilip Chhabria, Founder, Newspace Research Technologies; and Amit Sinha, Co-Founder of Unnati, discussed building scalable and sustainable businesses, exit strategies, and the untapped opportunities in Tier 2/3 cities.

Entrepreneurs Utkarsh Singh of Batx Energies Private Limited, Vivek Tripathi of Olive Gaea India Private Limited, and Ravindra Patel of Omnibrx Biotechnologies Private Limited, all supported by daughter funds of SRI Fund, shared their journey and the challenges faced in establishing their respective businesses.

Representing the Daughter Funds, Tanushri Agarwal of Sabre Partners, Sumit Sinha of Filter Capital Fund I, and Dhruv Kapoor of Grand Anicut Fund highlighted the importance of having a clear path for scalability and earning revenues with a sustainable and growing business model to attract venture capital. Their insights helped the MSMEs comprehend venture funds' expectations and requirements for successful funding.

BizAmp- Amplifying Business of North East Region

BizAmp, the first outreach programme of SRI Fund, was presided over by the Secretary, Ministry of MSME, Shri B.B. Swain, and organized by the Ministry of MSME in association with NSIC Venture Capital Fund Limited (NVCFL) at Dimapur, Nagaland, on May 4, 2023. The programme, aimed at empowering MSMEs from the North Eastern States and amplifying their businesses by utilizing benefits under the SRI Fund, saw participation from MSMEs across the region, daughter funds, and other state dignitaries. The programme had dedicated sessions for the participants that included awareness sessions from SBICAP Ventures Limited. The programme also provided a platform for beneficiary MSMEs to present their stories and inspire the aspiring MSMEs present at the event. The event showcased the concerted efforts of the central and state governments, with the presence of industry secretaries from various north-eastern states who provided insights about various policies designed for MSMEs to assist them in their growth.

SRI Fund Pravah 2023

Pravah 2023, hosted by the Self Reliant India (SRI) Fund was held with the objective of empowering MSMEs for an Atmanirbhar Bharat. The keynote speaker and chief guest for the event was Shri Narayan Rane, Honourable Minister of MSME. The guests of honour were Shri Dinesh Khara, Chairman, State Bank of India and Shri B. B. Swain, Secretary of MSME.

Shri Suresh Kozhikote, CEO, SBICAP Ventures Limited, welcomed all the dignitaries, panellists and all members present and spoke about the objective of Pravah. Dr Ishita Ganguli Tripathy, Addl. Development Commissioner, Ministry of MSME gave insight on the history of the MSME sector in India and how it has evolved.

The Chief Guest, Shri Narayan Rane, Honourable Minister of MSME, gave the keynote address and spoke about the current state of the Indian economy and how MSMEs have played a vital role in boosting it. He addressed the challenges faced by the sector and mentioned how the SRI Fund has helped to overcome those hurdles.

Other guests spoke about SBI’s efforts to help the MSME sector flourish, while some elaborated on the importance of the MSME sector for the Indian economy, the challenges faced by the MSME sector and an insight into the SRI Fund and its activities. Shri Gaurav Kapoor, Head – Capital, UK Government, gave a special address, in which spoke about the UK’s perspective in context to Indian MSMEs.

Pravah also hosted a presentation session for 5 MSMEs who presented their unique enterprises to the dignitaries and the audience, along with three round table discussions on opportunities in MSME investing, LP perspective on navigating a volatile market and domestic LPs as catalysts for MSME growth.

SRI Fund Bengaluru 2022

SRI Fund, after a successful launch in 2021, had an incredible run with record empanelment of 32 Daughter Funds in just a year. Now, as the Fund proceeds further, the impact is expected to scale higher. In order to better streamline partnership requests by DFs, SRI Fund supported and managed by SBICAP Ventures Ltd, also launched their all-new Tech Platform that encourages a transparent process to ensure fitment.

This event in Bengaluru was conducted to celebrate the first anniversary of the Fund, hear from DFs on successful partnerships, listen to beneficiary MSMEs and their journey, as well as launch the Tech Platform.