Financial Daily from THE HINDU group of publications
Monday, Oct 18, 2004
Financial Daily from THE HINDU group of publications Monday, Oct 18, 2004 |
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Info-Tech
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Venture Capital More KITVEN funds for small IT cos Our Bureau
Bangalore , Oct. 17 THE Karnataka Information Technology Venture Capital Fund (KITVEN) will be raising additional funds to service the small-scale technology companies in the IT and IT-related sectors. KITVEN initially raised Rs 15 crore and has committed 90 per cent of its resources to several units in the State. Speaking to Business Line on the sidelines of a seminar on Venture Capital organised by the Bangalore Chamber of Commerce and Industry (BCIC), Mr R.B. Shetty, Managing Director, said that the exact size of the fund would be decided soon. Addressing BCIC members, he said that KITVEN would not veer from its mandate of assisting IT-specific ventures and its focus also would not shift to the medium sector. Stating that it had been set up to help small start-ups that are unable to access to venture capital, he said that KITVEN had so far assisted 12 ventures in the IT sector and some enterprises in IT-related areas like design and electronics components. Two more companies would be assisted by KITVEN, he added, but refused to disclose names or figures. Mr Shetty said that KITVEN was making a shift from assisting only start-ups and would be looking at funding up to the level of the enterprises finding their feet. The assistance would not exceed the cap of Rs 1.5 crore. He ruled out the possibility of the company - the first regional fund set up in the country with active collaboration of the SIDBI - diversifying its assistance to non-IT sectors. Mr Shetty also indicated that KITVEN could play the role of facilitator for manufacturing enterprises in the small and medium sector seeking venture capital from SIDBI, with its large venture capital corpus of Rs 500 crore.
More Stories on : Venture Capital | Software | Karnataka
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