New Delhi: The National Innovation Council, led by Sam Pitroda, on Monday launched a venture fund, more than two years after it was announced. The India Inclusive Innovation Fund was launched jointly by the council and the ministry of small and medium enterprises.
The fund will initially have Rs500 crore and grow to Rs5,000 crore in two years with the contribution of banks, insurance companies, overseas financial and development institutions, the government said in a statement.
The fund is likely to offer returns of about 10-12%, Mint reported earlier in January. This is much lower than the 18-25% that private equity and risk capital investors expect.