Union Communications and IT Minister Ravi Shankar Prasad on Monday launched the Electronics Development Fund to support early-stage, angel, venture and private equity funds focusing on electronics, nano-electronics and information technology. The Electronics Development Fund policy was announced by Prime Minister Narendra Modi during the launch of Digital India week in July last year.
The government has appointed Canbank Venture Capital Fund to house the Electronic Development Fund in 2015. The fund has an initial corpus of Rs 2,200 crore. The Electronics Development Fund is set up as a ‘Fund of Funds’ to participate in ‘Daughter Funds’, which in turn will provide risk capital to companies developing new technologies in the area of electronics, nano-electronics and IT.
