NSIC Venture Capital Fund

What NSIC Venture Capital Fund does

NSIC Venture Capital Fund Limited (NVCFL) is a SEBI-registered Category-II Alternative Investment Fund and a wholly-owned subsidiary of the National Small Industries Corporation (NSIC), a Government of India enterprise under the Ministry of MSME. Incorporated in 2020 and headquartered at NSIC Bhawan, Okhla Industrial Estate, New Delhi, NVCFL operates as the mother fund for the Self-Reliant India (SRI) Fund, a Rs 50,000 crore sovereign fund-of-funds launched under the Atmanirbhar Bharat programme. The SRI Fund anchors with Rs 10,000 crore from the central government and is designed to leverage an additional Rs 40,000 crore from private equity and venture capital funds.

NVCFL deploys capital indirectly through a network of 60+ empanelled SEBI-registered daughter funds (Category I and II AIFs), which in turn invest equity or quasi-equity financing into Indian MSMEs with high growth potential. Daughter funds are required to invest at least 5 times the capital contribution received from the SRI Fund, creating a structural multiplier. The investment manager for the SRI Fund is SBICAP Ventures Limited. Named daughter fund partners include Tata Capital, IDBI Capital, SIDBI Venture, ICICI Venture, Indian Angel Network, and Antler. As of February 28, 2025, the SRI Fund had deployed Rs 10,979 crore across 577 MSMEs nationwide, with Karnataka (151 companies) and Maharashtra (144 companies) as the leading beneficiary states.

NVCFL's revenue model is built on management fees from operating the SRI Fund as a sovereign fund-of-funds rather than customer-facing pricing. The organization is led by Chairman Dr. Subhransu Sekhar Acharya (also CMD of NSIC) and Director & CEO Saravana Kumar, with government nominee directors from the Ministry of MSME on the board. Distribution occurs through government channels, SRI Fund Outreach Events across multiple states, media coverage, and the daughter fund network. For FY 2024-25, NVCFL paid a Rs 1.25 crore dividend to NSIC Ltd, marking the first publicly disclosed return to its government shareholder. In February 2026, the Union Budget announced an additional Rs 2,000 crore top-up to the SRI Fund.

Name

NSIC Venture Capital Fund

Legal name

NSIC Venture Capital Fund Limited

Website

https://nvcfl.co.in

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

NSIC Venture Capital Fund Limited (NVCFL) is a SEBI-registered Category-II Alternative Investment Fund and Government of India enterprise that operates the Rs 50,000 crore Self-Reliant India (SRI) Fund as a sovereign fund-of-funds, channeling equity and quasi-equity capital through 60+ empanelled daughter funds to Indian MSMEs.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity Fund Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Finance Services (6199)

akta.pro primary industry

Sovereign Wealth Funds (SWFs) (FSAAAGAD)

Keywords

• Venture capital fund
• Alternative investment fund
• MSME growth capital
• Fund of funds
• Equity financing

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Fund Management: NVCFL generates revenue through management fees from operating the SRI Fund as a sovereign Fund of Funds. The fund collects commitment amounts and deployment fees from daughter fund investments.

Distribution channels1 record

Marketing channels4 records

Core offering

NVCFL operates the Self Reliant India (SRI) Fund as a sovereign Fund of Funds that invests in SEBI-registered Category I and II Alternative Investment Funds (daughter funds), which in turn deploy equity and quasi-equity growth capital into Indian Micro, Small and Medium Enterprises. The fund corpus of Rs 50,000 crore is sourced from Rs 10,000 crore central government commitment plus Rs 40,000 crore leveraged from private equity and venture capital funds, with daughter funds required to invest at least 5x the capital contribution received from the SRI Fund.

Product overview

NSIC Venture Capital Fund Limited (NVCFL) operates as a Category-II Alternative Investment Fund registered with SEBI, functioning as the mother fund anchor for the Self Reliant India (SRI) Fund. The SRI Fund is the primary investment vehicle—a Rs 50,000 crore sovereign Fund of Funds—designed to provide growth capital to MSMEs through equity and quasi-equity investments. The fund operates via a two-tier structure where SRI Fund invests in empanelled daughter funds (SEBI-registered Category I and II AIFs), which in turn invest directly in MSMEs. NVCFL also offers outreach programs, grievance redressal mechanisms, and a Show Your Interest portal for both MSMEs seeking funding and daughter funds seeking investment.

Differentiator

Problem solved

Functional benefit

Products and services

• Self Reliant India (SRI) Fund The SRI Fund is a Rs 50,000 crore sovereign Fund of Funds under the Ministry of MSME, providing equity and quasi-equity growth capital to Indian Micro, Small and Medium Enterprises through SEBI-registered Category I and II Alternative Investment Funds (daughter funds). It targets MSMEs with high growth potential that can scale to become National or International Champions, with daughter funds required to invest at least 5x the capital contribution received from the SRI Fund. As of February 28, 2025, Rs 10,979 crore had been deployed across 577 investee MSMEs.

Quantifiable outcome

• 577 MSMEs invested since inception, with Rs 10,979 crore deployed
• +1 more outcomes

Named customers9 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• SBA (Slovak Business Agency), SlovakiacoreStrategic or Co-development Partner · 9 April 2025MoU signed between NSIC (parent organization of NVCFL) and SBA, Slovakia for MSME Cooperation during the State visit of Hon'ble President of India. MoU exchange ceremony attended by NVCFL Chairman Dr Subhransu Sekhar Acharya in presence of Hon'ble President Smt. Droupadi Murmu.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• ICICI Venture: One of India's largest domestic PE/VC firms and an empanelled daughter fund under the SRI Fund. Directly comparable as a professional VC manager channelling SRI capital into MSME equity/quasi-equity transactions.
• National Investment and Infrastructure Fund (NIIF): Sovereign, government-anchored fund-of-funds investing in Indian infrastructure and growth sectors through managed funds. Shares NVCFL's sovereign-backed fund-of-funds model and institutional investor base, though focused on infrastructure rather than MSMEs.
• Antler India: Global early-stage VC with significant India operations and an empanelled daughter fund under the SRI Fund. Comparable as a deal-flow partner investing equity in Indian MSMEs and startups alongside NVCFL capital.
• India Aspiration Fund: Government-supported fund-of-funds scheme aimed at catalysing venture capital for Indian startups and emerging businesses. Comparable in mandate and structure to NVCFL's SRI Fund, with similar daughter-fund leveraging mechanics.
• SIDBI Fund of Funds for Startups (FFS): Government-backed fund-of-funds operated under the aegis of SIDBI to channel capital into Indian startups and MSMEs via empanelled AIFs. Structurally and mission-wise, this is the closest analogue to NVCFL's SRI Fund.
• Tata Capital: Empanelled daughter fund under the SRI Fund providing private equity and venture capital to Indian MSMEs. Directly comparable as an MSME-focused investor operating inside NVCFL's ecosystem while also deploying its own balance sheet capital.

Broad incumbents

• MUDRA (Micro Units Development and Refinance Agency): Government of India institution refinancing lending institutions that extend loans to micro/small enterprises. Overlaps with NVCFL's MSME focus but operates primarily through loan refinancing rather than equity/quasi-equity.
• International Finance Corporation (IFC): Multilateral development finance institution that invests in private-sector projects in emerging markets including India. Comparable as a sovereign-backed fund of funds deploying growth capital into MSMEs and emerging companies globally.
• Small Industries Development Bank of India (SIDBI): Principal financial institution for the Indian MSME sector, offering direct and indirect funding, guarantees, and venture capital. Broader mandate than NVCFL but shares the same MSME financing mission and government backing.
• NABARD: Government-backed apex institution for agriculture and rural financing, including MSME refinance and venture operations. Comparable institutional role and MSME/rural enterprise focus, though primarily rural rather than urban MSMEs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/NVCFLOfficial
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/nsic-venture-capital-fund-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NSIC Venture Capital Fund