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Venture capital fund for schedule castes

Posted 01/04/2023
Description Venture Capital Fund is a Social Sector Initiative to be implemented nationally in order to promote entrepreneurship among the Scheduled Castes population in India. “Entrepreneurship” relates to entrepreneurs managing businesses which are oriented towards innovation and growth technologies. The spirit of the above mentioned fund is to support those entrepreneurs who will create wealth and value for society and at the same time promoting profitable business.
Provider Type Central Govt / State Govt / Private Sector Central Govt
Provider Name Ministry of social justice and empowerment
Amount 15 crore
Grant Conditions & Qualifying Criteria The projects/units being set up in manufacturing and services sector ensuring asset creation out of the funds deployed in the unit shall be considered;•     While selecting the SC entrepreneurs, women SC entrepreneurs would be preferred.•     Companies having at least 60% stake holdings by Scheduled Castes entrepreneurs for the past 12 months with management control OR a new Company provided that the new Company is a successor entity of a proprietary firm or Partnership firm or One Person Company (OPC) or Limited Liability Partnership (LLP) of any other establishment incorporated under any law in force, with sound business model which has been in operation for over 12 months, and the predecessor entity had at least 60% shareholding of the Scheduled Castes promoters with management control.•     Documentary proofs of being SC will have to be submitted by the entrepreneurs at the time of submitting the proposals;•     The SC promoters of Investee Company will not dilute their stake below 60% in the company till the exit under the scheme. However, in the event of any conversion of quasi equity instrument under the scheme, strategic investments, buyouts etc, which result into dilution of stake of SC Entrepreneur, a prior written approval from Asset Management Company (AMC) would be required;•     The companies applying for assistance of more than Rs. 5 Crore, shall preferably get their project appraised by the banks / FIs before approaching for assistance under the scheme.•    For Companies with sanctioned assistance of above Rs. 5 Crore, the money released by the Trust/Fund Manager would be in proportion to the loan tranche released by the Bank
Focus Sector (Healthcare, Defense, Agriculture, etc.)
Provider Contact Email NA
Provider Website URL https://socialjustice.gov.in/schemes/38
Type of funding (Grant, Loan or Equity) Loan
Process NA
Tips for Winning NA
Provider Indian State NA
Provider Contact Address
Is Active "Yes"
Other Details