Page 2 - Sidbi

Indian Angel Network's Alpha Fund completes first close at Rs 355 crore

IAN Alpha Fund has a corpus of Rs 1,000 crore and is registered with Sebi under AIF Category II

IIM Jammu, SIDBI to launch STEM programme for youth in J-K, Ladakh

Indian Institute of Management (IIM) Jammu and Small Industries Development Bank of India (SIDBI) have collaborated to offer a specialised one-year-long Skill to Enterprise Module (STEM) programme for students in Jammu and Kashmir, and Ladakh, according to an official on Monday. The programme will commence in two batches starting on December 4 and December 19 at the Srinagar and Jammu campuses of the institute, the official said. It has been designed to equip the students with the necessary knowledge and guidance to start and grow their businesses in the future, the official added. It would provide comprehensive four weeks of residential training along with eight weeks of virtual training to help the participants develop an understanding of business management, compliance, finance, planning, and strategic aspects of a business, as per the official. "The programme will be particularly beneficial for those who have completed a technical course and possess a valuable skill set but lac

SIDBI launches 'Sumpoorn' MSME Economic Activity Index with Jocata

Jocata, a digital lending transformation platform, has collaborated with SIDBI to launch a one-of-its kind MSME Economic Activity Index Sumpoorn. For the first time ever, this MSME specific high-frequency indicator will capture the state of India's growth engine, its MSMEs, that contribute more than a quarter of the country's overall Gross Value Added (GVA) and more than 40 per cent of its total exports, a release said. The currently available macro indices capture business expectations and rely on opinion or survey-based data. "It is a relative amplitude adjusted composite diffusion index developed using consent-led and anonymized monthly sales data reflected in official GSTN returns of more than 50,000 credit-seeking MSMEs over time," it said. A team of credit experts, data scientists and senior economists have built and tracked the Index over the past four years ensuring its ability to accurately represent the MSME economy and capture the impact of macroeconomic conditions, the

Sidbi announces growth programme for small NBFCs to help secure funding

National development bank Sidbi on Monday announced a growth accelerator programme for small NBFCs to help them become eligible for bank funding. Under the initiative, being carried out in association with the global alliance for mass entrepreneurship and national NBFC lobby FIDC (Finance Industry Development Council), it has onboarded 18 small NBFCs as the first cohort of the programme. The five-month-long programme is designed to scale small NBFCs (Non Banking Financial Company) through design interventions, enabling them to apply for institutional funding based on holistic evaluation parameters, Sidbi chairman & managing director Sivasubramanian Ramann told reporters here. The programme includes mentorship from domain experts on risk, operations, governance, and technology and is structured to encourage and facilitate peer learning, reviews and networking through a blend of in-person, virtual and individualised sessions, Umesh Revankar, FIDC chairman and executive vice-chairman

SIDBI & GAME onboards 18 cohorts to NBFC Growth Accelerator Program

The joint initiative by SIDBI and GAME is expected to bolster the lending capacity of MSME focused NBFCs

Sidbi to launch app-based 'invoice financing' loans platform 'GST Sahay'

With an aim to enhance the economic and financial sustainability of micro, small and medium enterprises (MSME), the Small Industries Development Bank of India (SIDBI) is in the process of launching an app-based 'invoice financing' loans platform 'GST Sahay', an official said. This was announced by SIDBI, Chief General Manager (CGM), Rahul Priyadarshi at a customer outreach programme here on Wednesday. "The MSMEs are vital for the economic growth and development of India. They (MSMEs) create jobs and contribute enormously to the socio-economic development of the country. Although several measures for the MSMEs have been taken in the past few years by the government, the crunch in working capital credit is one of the major issues for them. Now, SIDBI is in the process of launching an app-based 'invoice financing' loans platform for them," he said. "The new invoice platform-GST Sahay will reduce the problem of delayed payments and consequential cash flows mismatches for the MSMEs. The

Sidbi plans to float a rights issue in FY25 to expand its equity capital

It expects to grow its asset book to Rs 5 trillion by March 2024 from about Rs 4 trillion in March 2023, said S Ramann

Sidbi to raise Rs 10,000 cr from rights issue to expand equity capital

Small Industries Development Bank of India (Sidbi), which refinances SME loans, plans to float a Rs 10,000-crore rights issue next fiscal to expand its equity capital as it expects to grow assets to Rs 5 lakh crore by March 2024 from about Rs 4 lakh crore in March 2023, a top official has said. The central government owns 20.8 per cent in Sidbi, while State Bank of India holds 15.65 per cent and Life Insurance Corporation 13.33 per cent. The rest of the equity is held by other public financial institutions and banks. The shareholders will subscribe to the proposed rights issue. The lender's loan growth optimism comes from the demand for direct financing that is growing by leaps and bounds, which two years ago was only 7 per cent of its book but is now 14 per cent. Sivasubramanian Ramann, chairman and managing director, said the proposed rights issue will be carried out in two tranches of Rs 5,000 crore each next fiscal to expand its capital base by Rs 10,000 crore and support the ..

Sidbi expects its loan book to hit Rs 5 trn this fiscal, 25% direct funding

State-owned Small Industries Development Bank of India (Sidbi) expects its loan book to reach Rs 5 lakh crore this fiscal and direct funding to touch 25 per cent of its total book over the next three years. The SME loan book (of commercial banks) as of March 2023 was Rs 25 lakh crore, while the total credit market stood at a little over Rs 148 lakh crore, according to the RBI data. "We closed FY23 with a loan book of Rs 4 lakh crore, and the demand for refinance and direct funding is so strong that I am confident of clocking 25 per cent growth in asset creation this fiscal, which will take our total loan book to Rs 5 lakh crore or more by March 2024," Sidbi chairman S Raman told reporters here on Tuesday on the sidelines of a Sidbi-organised global SME financing summit as part of the just-concluded the G20 Summit. Stating that direct financing is growing by leaps and bounds, he said that when he took over two years ago, direct financing was only 7 per cent of the book. This is today

U'khand govt approves service sector policy offering subsidies to investors

The Uttarakhand government on Tuesday approved the formulation of a policy offering land and subsidies to investors to give a push to sectors such as healthcare, traditional medicine, education, films and media in the state. The state cabinet in its meeting chaired by Chief Minister Pushkar Singh Dhami approved the promulgation of Uttarakhand Service Sector Policy-2023 offering land and capital subsidy to investors. Chief Secretary SS Sandhu said the promulgation of the policy will give a boost to the service sectors such as healthcare, wellness, traditional medicine, education, film, media, sports and skill education facilities like never before and its economy (barring tourism) will grow by USD 27 billion by 2030. After the promulgation of the policy, the service sector will make a contribution of at least 40 per cent to the state GDP, he said. With this policy Uttarakhand will attract investments worth Rs 60,000 crore in the service sector by 2030. The state has set a target of

Finance ministry asks Sidbi to increase direct lending portfolio

Out of Rs 10,000 cr corpus available under the Fund of Funds for Startups (FFS) Scheme, Sidbi has sanctioned around Rs 9,500 cr to AIFs and disbursements have been around Rs 4,500 crore so far

Anicut Equity Fund secured an investment of Rs 50 crore from SIDBI

Investment firm Anicut Capital on Tuesday said it has secured an investment of Rs 50 crore from the Small Industries Development Bank of India (SIDBI) for Anicut Equity Fund. The investment has come through the Fund of Funds for Startups (FFS). The FFS is a Rs 10,000 crore initiative launched under the Startup India Initiative of the government in January 2015. "Anicut Capital has secured an investment of Rs 50 crore from the Small Industries Development Bank of India (SIDBI) for the Anicut Equity Fund," the investment firm said in a statement. Anicut Equity Fund launched its Grand Anicut Fund 3 in June 2022 with a total targeted corpus of Rs 500 crore, with an additional Rs 250 crore green shoe option. The investment firm has successfully closed two-thirds of the fund and has also received a commitment of Rs 75 crore from the Self Reliant India Fund (SRI). Within the first year, the fund has invested in six startups -- Earth Rhythm, Neemans, Wheelocity, The Ayurveda Experience,

MSME sector has bounced back, repayments normal: Sidbi CMD Ramann

'The future cannot be dependent on priority sector shortfall funding'

Sidbi's net income jumps 71% to Rs 3,344 crore YoY in FY23: MD Ramann

The Small Industries Development Bank of India (Sidbi) on Tuesday said its net income jumped 71 per cent on-year to Rs 3,344 crore in FY23. The company's Chairman and Managing Director Sivasubramanian Ramann said the massive increase in profit and all other key number were driven by better all round performance which has helped it more than double its income to Rs 18,485 crore. Adressing the annual general meeting, Ramann said Sidbi achieved the highest-ever outstanding income, net-profit and balance sheet. The institution's balance sheet has crossed the Rs 4 lakh crore-mark. In FY23, its disbursements jumped 93 per cent from Rs 1,43,758 crore in FY22 to Rs 2,76,755 crore in FY23. Loans and advances increased from Rs 2,02,252 crore in FY22 to Rs 3,56,439 crore in FY23, a growth of 76 per cent. The asset base has grown 63 percent from Rs 2,47,379 crore to Rs 4,02,383 crore. In FY23, the bank registered an income of Rs 18,485 crore, an increase of 102 percent over the previous yea

MoUs for Rs 1,723 cr investment signed in TN, expected to generate 30K jobs

Investments worth Rs 1,723.05 crore were confirmed at the International Micro Small and Medium Enterprises (MSME) Day function held under the chairmanship of Chief Minister M K Stalin here on Tuesday while a special government scheme for SC/ST entrepreneurs was also launched. The MoU, signed in the presence of the Chief Minister, would help in creating employment for about 30,000 people. A Memorandum of Understanding between FaMe TN (Facilitating MSMEs in Tamil Nadu) and SIDBI (Small Industries Development Bank of India) was inked to attract investments worth Rs 1,510 crore to provide jobs for 7,400 people. The Chief Minister inaugurated three new industrial estates at Kodur in Chengalpattu district, Manapparai in Tiruchirappalli and Sakkimangalam in Madurai district at an estimated cost of Rs 153.22 crore providing employment to 21,500 people and also a cashew processing cluster at Kadampuliyur in Cuddalore district under the MSME cluster development scheme for Rs 2.16 crore ...

VC firm Avaana Capital announces first close of climate tech fund at $70 mn

Fund will invest in sectors like energy transition, mobility and supply chains, sustainable agriculture

Sidbi signs MoU with HDFC Bank to offer financial solutions to MSMEs

State-owned Small Industries Development Bank of India (SIDBI) has entered into a Memorandum of Understanding (MoU) with HDFC Bank for providing financial solutions to MSMEs. Under the MoU, SIDBI and HDFC Bank will work together to provide complete financial product and services to the customers under Micro, Small and Medium Enterprises (MSMEs). The MoU will facilitate providing complete financial solutions to MSMEs in a seamless manner. This arrangement will enable MSMEs to avail financial products and services of both the banks. Both banks will endeavour to bring more MSMEs in financial ecosystems through the arrangement.

Sidbi ties up with the Niti Aayog to finance 50,000 EVs for MSMEs

Sidbi has tied up with the Niti Aayog, World Bank, Korea-World Bank partnership facility and Korean economic development cooperation fund to finance electric vehicles for small and medium industrial units. The financing will be done under a new project called Evolve, which is electric vehicle operations and lending for a vibrant ecosystem, under which Sidbi will give access to affordable commercial financing for EVs, the national bank said in a statement on Monday. While Niti Aayog will give technical support to Sidbi, financial assistance will come from the World Bank, Korea-World Bank partnership facility and the Korean economic development cooperation fund, Sidbi said. The bank has already launched two financing schemes -- direct lending to MSMEs and a scheme for lending to N, to help them offer lower-cost financing. The new scheme seeks to finance 50,000 EVs, S Ramann, chairman and managing director of Sidbi, said. Kim Kisang, the chief representative from the Korean economic

NBCC inks MoU with SIDBI for development work of their properties

State-owned NBCC (India) Ltd on Wednesday said it has signed a memorandum of understanding with SIDBI for development work of their properties across India. The MoU (memorandum of understanding) was inked by Pradeep Sharma, CGM (Engg) at NBCC, and Manas Ranjan Hati, DGM at SIDBI, in presence of senior officials from both the sides, the company said in a statement. NBCC is into project management consultancy and real estate development businesses.

Amid SVB crisis, SIDBI's FoF gets into action to support start-ups

Fund of Fund for start-ups (FFS) managed by SIDBI's venture capital arm has given money to AIFs, which are in turn supporting over 800 start-ups