Why in news?
A venture fund is being provided by the Ministry of Development of North Eastern Region (DoNER) for the growth of entrepreneurship and to encourage start-ups in the region.
North East Venture Fund (NEVF)
- North Eastern Development Finance Corporation Limited (NEDFi) in association with Ministry of Development of North Eastern Region (M-DoNER) has launched the first dedicated venture capital fund for the North Eastern Region Namely “North East Venture Fund”.
- The primary objective of North East Venture Fund (NEVF) would be to invest in enterprises focused on and not limited to Food Processing, Healthcare, Tourism, Aggregation of Services and IT&ITES located in the NER and to provide resources for entrepreneurs from the region to expand throughout the country. The investment focus of the NEVF will be early and growth stage investment mostly in enterprises involved in the fields of, Food processing, Healthcare, Tourism, Aggregation of Services and IT & ITES. NEVF would inter alia invest in areas such as development of new products and services, technological up gradation, expansion or diversification, process improvement and quality improvement with the purpose of creating value for all stakeholders.
- The North East Venture Fund (NEVF) was formally launched on 9th September, 2017 with joint efforts from Ministry of Development of North Eastern Region (DoNER) and North Eastern Development Finance Corporation Ltd (NEDFi) to encourage entrepreneurs and Start-ups and to empower entrepreneurs from the North Eastern Region (NER). It is a close ended fund with capital commitment of Rs 100 crore.