New Delhi, August 07: The startups, supported by NEVF, have identified the unique business opportunities available in the region and have provided value added solutions to the consumers through their products and services.
The details of the employment generated through these start-ups including the details of skilled and unskilled labours and female participation, State-wise and year-wise is given’
NEVF is registered as a Category I Venture Capital Fund under Securities and Exchange Board of India (SEBI) Alternative Investment Funds (AIF) Regulations, 2012.
Further, an independent committee (Investment Committee) comprising of experienced professionals from the field of venture funding, private equity, developmental banking etc takes the investment decision.
As a regulatory requirement, periodic reporting on the operation,compliances of regulation is placed before the contributors of NEVF and other concerned bodies in a structured manner.
In addition, fund operation is also monitored by Reserve Bank of India (RBI) and Comptroller and Auditor General of India (CAG) in the form of periodic audit.
NEVF was established as a close ended fund with a target corpus of Rs. 100 crore. It has already received its targeted corpus with contribution of Rs. 30 crore from North Eastern Development Finance Corporation Ltd.
(NEDFi), Rs. 25 crore from Small Industries Development Bank of India (SIDBI) and Rs. 45 crore from Ministry of Development of North Eastern Region (MDoNER). However, the contribution of MDoNER was given to NEDFi as interest free loan to be repayable in lump sum at the end of 15 years.
To augment entrepreneurship opportunities among marginalized sections, NEDFi has established its branch network across all the states of NER which reach out to their startups through their business meets wherein the details of venture funds are explained.
This has resulted in NEVF reaching and funding startups from Arunachal Pradesh, Manipur and Meghalaya. A pipeline of proposals is at various stages of processing from the states of Nagaland and Mizoram also. Many of these startups are led by women co-founders.
To further its attempt to reach to the remote areas of NER to support startups, NEVF had conducted Startup Investment Fest, an online application process for investment, in March, 2022. The fest has seen a lot of enthusiasm from far flung region of NER.
The investment from the North East Venture Fund invested in North East since its inceptions is has cone to total of Rs. 5684.50 lakh, coming to Meghalaya in particular there are three companies who were funded from the NECF, they are Eri Weave Pvt Ltd Rs. 35 lakh for Handloom and Handicrafts, Shillong Bamboo Pvt Ltd Rs. 45 lakh for Bamboo and Ruralnomics Pvt Ltd Rs. 25 lakh for E-commerce.
The employment generated from the North East Venture Fund in the financial year 2022-2023 in the State of Meghalaya male 29, Female 11 total 40, skilled 32 and unskilled 8. This information was given by Union Minister for Ministry of Development of North Eastern Region Shri G. Kishan Reddy in a written reply in Lok Sabha today.
