Dallas Venture Capital (DVC), a Hyderabad-based VC fund, has received investment commitment to the tune of ₹60 crore from two funds. It includes ₹40 crore from the Self Reliant India (SRI) Fund and ₹20 crore from NewcrestImage, a diversified family office.
With a corpus of ₹10,000 crore, the SRI Fund is a fund of funds, set up as a scheme of NSIC Venture Capital Fund Limited, a wholly-owned subsidiary of National Small Industries Corporation Limited. It is managed by SBICAP Ventures Limited.
“We are going to utilise the funds to support faster growth of micro, small, and medium enterprises (MSMEs),” said a statement from DVC, which is also based out of Dallas in the US.
Investments made so far
The company has invested in different firms of the MSME sector such as Disprz (an AI-based enterprise learning experience and upskilling platform), Intellewings, BluSapphire (cybersecurity platform), VuNet (visibility and analytics company), and Hippo Video (AI-powered platform that allows users to create sales videos).
With investment commitments worth ₹1,000 crore ($125 million), DVC said it would deploy funds and help MSMEs over the next few years.
“Through these funds, we will make strategic investments in MSMEs which make technologies that help make India self-reliant and help them expand globally. We will help these MSMEs grow through our partnerships and global industry networks,” said Dayakar Puskoor, Founder and Managing Director of Dallas Venture Capital.