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Venture Capital
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sidbiventure.co.in

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Investments

84

Portfolio Exits

10

Funds

10

About SIDBI Venture

SIDBI Venture Capital Limited (SVCL) is a wholly owned subsidiary of SIDBI, incorporated in July 1999 to act as an umbrella organisation to oversee the Venture Capital operation of SIDBI. SVCL will manage the various Venture Capital Funds launched/ being launched by SIDBI.

SIDBI Venture Headquarter Location

C-31, G-Block, Bandra Kurla Complex 10th Floor, Naman Centre

Mumbai, 400 051,

India

91 - 22 - 2653 0500

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SIDBI Venture Web Traffic

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SIDBI Venture Rank

Latest SIDBI Venture News

RVCF exits 9-year bet in payments solutions firm with bumper returns

Apr 18, 2022

By ADVERTISEMENT State-sponsored Rajasthan Venture Capital Fund (RVCF), on Monday, said it has exited nine-year old bet in payment solutions firm Mosambee with a 19 times jump in returns alongside SIDBI Venture Capital Limited. ADVERTISEMENT RVCF exited Mosambee with Rs 101 crore against an investment bet of Rs 5.25 crore. The incoming investor Pine Labs valued Mosambee at upwards of $100 million in a transaction announced last week. VCCircle exclusively reported the development on April 5. “Like most of the fund’s bets on early stage, the Mosambee investment was also about backing the experience and talent of the founders and the vision. Ecstatic with the outcome with some more exits lined up,”said RVCF’s CEO, Suneet Mathur. ADVERTISEMENT Archana Singh RVCF’s chairperson said, “The exit is a big boost to the VC ecosystem in the state and will give a lot of confidence to investors in this asset class. The exit will pave a path for RVCF’s new fund.” Post this transaction, Mosambee’s leadership team will continue to operate independently. RVCF first invested in mPOS solution provider in 2013 in a $1 million funding round along with SIDBI. Two years later, in 2015, it infused more capital in follow up rounds . RVCF is a state-supported venture fund, currently, it has three funds under management and has invested in 44 companies with a special focus on Rajasthan and other low-income states focusing on investments in SME (small and medium sized enterprises) space to create impact with returns. Other key investments of include Woodenstreet Furnitures, Medcords, Elixia Tech, Krimanshi, Freshokartz, and Fabriclore among others. In 2015, Mosambee, operated by Synergistic Financial Networks Pvt. Ltd, had raised an undisclosed amount in its Series B round of funding from existing investors Rajasthan Venture Capital Fund (RVCF) and SIDBI Venture Capital Ltd. In February 2022, Mosambee acquired buy-now-pay-later (BNPL)-focused payment startup Benow to deepen its presence across the country. Mosambee is also planning to step up its efforts in building MSME-focused products to facilitate digital inclusion. The company had then claimed its revenue has jumped from Rs 2 crore to around Rs 140 crore in four years. Amidst the pandemic, the payments company claimed it had registered 25% growth during the fiscal year 2021 and plans to further achieve 50% growth in FY22. ADVERTISEMENT

SIDBI Venture Investments

84 Investments

SIDBI Venture has made 84 investments. Their latest investment was in Covalensedigital as part of their Series A on August 8, 2022.

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SIDBI Venture Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/1/2022

Series A

Covalensedigital

Yes

1

11/23/2021

Debt - II

Indifi Technologies

$22M

Yes

4

6/3/2021

Series C - III

KrazyBee

Yes

2

5/11/2021

Seed VC

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$99M

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10

1/14/2021

Seed VC - II

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$99M

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10

Date

8/1/2022

11/23/2021

6/3/2021

5/11/2021

1/14/2021

Round

Series A

Debt - II

Series C - III

Seed VC

Seed VC - II

Company

Covalensedigital

Indifi Technologies

KrazyBee

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Amount

$22M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

4

2

10

10

SIDBI Venture Portfolio Exits

10 Portfolio Exits

SIDBI Venture has 10 portfolio exits. Their latest portfolio exit was True Elements on May 23, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

5/23/2022

Corporate Majority

$99M

6

4/13/2022

Corporate Majority

$99M

4

3/4/2019

Acq - Fin

$99M

1

10/16/2018

Asset Sale

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$99M

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10

6/14/2018

Shareholder Liquidity

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$99M

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10

Date

5/23/2022

4/13/2022

3/4/2019

10/16/2018

6/14/2018

Exit

Corporate Majority

Corporate Majority

Acq - Fin

Asset Sale

Shareholder Liquidity

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

6

4

1

10

10

SIDBI Venture Fund History

10 Fund Histories

SIDBI Venture has 10 funds, including Ubharte Sitaare Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

3/23/2022

Ubharte Sitaare Fund

$65.28M

1

12/23/2015

India Aspiration Fund

$305M

1

10/31/2014

Samridhi Fund

Multi-Stage Venture Capital

Closed

$73M

1

6/25/2012

India Opportunities Fund

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$99M

10

12/31/2000

SME Growth Fund

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$99M

10

Closing Date

3/23/2022

12/23/2015

10/31/2014

6/25/2012

12/31/2000

Fund

Ubharte Sitaare Fund

India Aspiration Fund

Samridhi Fund

India Opportunities Fund

SME Growth Fund

Fund Type

Multi-Stage Venture Capital

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Status

Closed

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Amount

$65.28M

$305M

$73M

$99M

$99M

Sources

1

1

1

10

10

SIDBI Venture Team

2 Team Members

SIDBI Venture has 2 team members, including former Chief Executive Officer, Ajay K Kapur.

Name

Work History

Title

Status

Ajay K Kapur

Chief Executive Officer

Former

Harsh Kaul

Chief Executive Officer

Former

Name

Ajay K Kapur

Harsh Kaul

Work History

Title

Chief Executive Officer

Chief Executive Officer

Status

Former

Former

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