The Rs 50,000 crore Self Reliant India (SRI) Fund for equity infusion into MSMEs, launched in May 2020, has invested Rs 9,612 crore in 523 MSMEs as of November 30, 2024. In the current financial year, 91 MSMEs were supported with Rs 1,964 crore, Parliament was informed on Thursday.
The year-on-year investment in MSMEs through the SRI fund grew to Rs 3,306 crore in 107 enterprises in FY24 from Rs 3,007 crore in 250 enterprises in FY23, and Rs 1,335 crore in 75 units in FY22, according to the data shared by Shobha Karandlaje, Minister of State in the MSME Ministry in a written reply to a question in the Lok Sabha.
The scheme, which aims to offer growth capital to MSMEs, has a provision of Rs 10,000 crore from the central government and Rs 40,000 crore through private equity and venture capital funds. Operating on a mother-fund and daughter-fund structure for equity or quasi-equity investment in MSMEs, the SRI fund has 53 daughter funds empanelled including Tata Capital, IDBI Capital, SIDBI Venture, ICICI Venture, Indian Angel Network, Antler, and more.
NSIC Venture Capital Fund Limited (NVCFL), which is a wholly-owned subsidiary of National Small Industries Corporation (NSIC) and a Category-II Alternative Investment Fund (AIF) with SEBI, operates as the mother fund.
The daughter funds investing in MSMEs are required to invest at least 5x the amount of capital contribution received from the SRI Fund.
However, seven companies so far have closed its operation after investment from the Self Reliant India fund viz., Kid Aptivity Technologies, Quality Tutorials, Signalx, Vc Agritech, Curiosity Edtech, GFM Retail, and Mooofarm, according to the details shared by Karandlaje in her response.