New Delhi: In a major step to promote entrepreneurship and innovation, the Haryana Industries and Commerce Department and SIDBI Venture Capital Ltd. (SVCL) on Friday signed a contribution agreement (CA) committing Rs 100 crore to the Atmanirbhar Startup Venture Fund.
Government’s Vision for Startups
During a September interaction with startups and leading industrialists, Chief Minister Nayab Singh Saini emphasized Haryana’s vision to become a global hub for innovation. The CM reaffirmed the state government’s commitment to providing comprehensive support and a robust platform for startups, aiming to script a new chapter of prosperity through entrepreneurship.
Details of the Agreement
The contribution agreement was signed by Dr. Amit Kumar Agrawal, Commissioner and Secretary of the Industries and Commerce Department, on behalf of the Haryana government, and Arup Kumar, Managing Director and CEO of SVCL, representing SIDBI Venture Capital Ltd.
The agreement aligns with Haryana’s budget announcement to create a dedicated venture capital fund to support startups and youth-led ventures. It focuses on providing financial assistance, market linkages, and growth opportunities to emerging businesses.
Scope and Impact of the Fund
The Atmanirbhar Startup Venture Fund targets scalable and sustainable startups across diverse sectors, including AI, health-tech, agri-tech, clean energy, and more. The initiative aims to support market access, business growth, and technology adoption while encouraging private-sector participation and institutional investment.
This partnership is expected to strengthen Haryana’s startup ecosystem, enhance opportunities for youth entrepreneurship, and position the state as a leading center for innovation and business development.
Significance of the Initiative
The collaboration between Haryana Government and SVCL marks a significant milestone in building a vibrant startup ecosystem in the state. It underscores the government’s commitment to nurturing entrepreneurship, supporting innovative ventures, and fostering a self-reliant, Atmanirbhar economy.
About SVCL
SIDBI Venture Capital Ltd. (SVCL) is a wholly owned subsidiary of SIDBI that serves as an investment management company for venture capital funds, primarily investing in early and growth-stage Micro, Small, and Medium Enterprises (MSMEs) in India. Established in 1999, its goal is to provide growth capital to deserving businesses across various sectors by identifying strong leadership teams with innovative or scalable business models.
