WVCL is a wholly owned subsidiary of Webel, the nodal agency for promoting IT, IT enabled services(ITeS), electronics and semi-conductor industries in the state.
A corpus of Rs 25 crore has been sanctioned while funds worth Rs 4 crore have been allotted by the state government till date, said Dhrubes Biswas, professor at Indian Institute of Technology, Kharagpur and the working chairman of the VC fund.
A screening committee under Biswas will scrutinise the project proposals, and four companies have been funded already.
These are in the areas of data security, IT based power solutions, educational technology, and radio frequency identification solutions, said Biswas.
Around 30 proposals are lying for evaluation, he added.
Nearly 80 per cent of these are projects in the services sector. Talking at a seminar on VC activities in West Bengal, Debesh Das, minister for IT of the state, said that the prospect for small and medium enterprises in IT in West Bengal look bright.
Kolkata ranks higher in terms of quality of work and positive outlook over cities like Pune and Chennai, he added quoting a recent Dun & Bradstreet study on IT SMEs of Kolkata.
The key to future growth of these smaller enterprises lies in differentiation and value addition that they can achieve in the area of products and services.
