The Venture Intelligence Blog

Minister for Communications & IT Mr. Ravi Shankar Prasad handing over Letter to V. Balakrishnan and Chinnu Senthilkumar of Exfinity Ventures Mr. Ravi Shankar Prasad, Union Minister of Communications & IT, handed over letter of commitments (of between INR 10 crore and INR 40 crore) from the INR 2,200 Crore Electronics Development Fund (EDF), a Fund-of-Funds sponsored by the Department of Electronics and Information Technology with CanBank Venture Capital Fund as its Investment Manager, to funds managed Karnataka Semiconductor Venture Capital Fund (managed by KITVEN), Exfinity Venture Partners, Forum Synergies and Endiya Partners. Mr. Prasad launched the EDF web site and provided the Inaugural Address at the event that Venture Intelligence helped organize. Other dignitaries who spoke at the EDF launch event included Rajiv Bansal, Joint Secretary, DeitY; Dr. Aruna Sharma, Secretary, DeitY; Mr. Rakesh Sharma, MD & CEO, Canara Bank and Mr. S.Thiruvadi, MD, Canbank V...

From the Press Release: As part of  Digital India Agenda, Government of India it  is envisaged to develop the Electronic System Design & Manufacturing (ESDM) and IT Sector to achieve net zero imports by 2020. As part of this initiative, Department of Electronics & Information Technology (DeitY), Ministry of  Communication and Information  Technology, Government of India has appointed CanBank Venture Capital Fund Limited (CVCFL)  as Fund Manager to house and manage  the Electronics Development Fund (EDF). EDF as a “Fund-of-Fund” shall participate in “Daughter Funds” which in turn will provide risk capital to companies developing new technologies in the area of Electronics, Nano Electronics & Information Technology. The corpus of the EDF could be up to Rs.2,200 crore  to be committed  in select Daughter Funds by March 31, 2017.  CVCFL organized a pre- launch event -Symposium on Electronics Development Fund in Mumbai (on Novembe...