Depressed market condition has forced Sidbi Venture Capital to put on hold its plans to raise additional funds for the Rs 100 crore National Venture Fund for Software and IT industry.
"We have already raised Rs 66 crore out of the Rs 100 crore corpus. We have no immediate plans to mobilise the remaining amount since we have adequate liquidity due to depressed demand," CEO of Sidbi Venture Capital Rakesh Rewari said.
The company had so far committed Rs 37 crore to 17 companies in the last two years, of which Rs 23 crore had been disbursed so far, he said.
With regard to the regional funds, Rewari said that Sidbi had so far promoted 11 regional funds and six all-India funds, of which 14 had so far become operational.
Bureau Report