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Accelerating Investments in India's Underserved States
Neev Fund (IN/AIF1/14-15/0114) is a SEBI-registered Category I AIF managed by SBI Ventures Limited (formerly SBICAP Ventures Limited), the alternative investment management arm of the SBI Group. Conceptualised and launched in 2015 by Prime Minister Narendra Modi and then-UK Prime Minister David Cameron as a flagship UK-India development finance initiative, Neev Fund I is a INR 5,040 million (approx. USD 70 million) contributory trust fund focused on investments in eight low-income Indian states: Rajasthan, Madhya Pradesh, Uttar Pradesh, Bihar, Chhattisgarh, Jharkhand, Odisha, and West Bengal. The fund's primary objective is to create sustainable development by generating economic, social, and/or environmental benefits and employment in these target states. Neev Fund I invested in companies with high growth potential, commercially viable business models, and positive societal impact — particularly in sectors addressing livelihoods, clean energy, and sustainable supply chains. Investors include the UK's Foreign, Commonwealth & Development Office (FCDO), SIDBI, and State Bank of India. Neev Fund I is now fully deployed and in portfolio management/exit phase; its successor, Neev Fund II (IN/AIF1/19-20/0730), launched in May 2021, focuses on SMEs in clean energy, electric vehicles, water, and circular economy sectors. SBI Ventures Limited is headquartered at 12th Floor, Marathon Futurex, N.M. Joshi Marg, Lower Parel, Mumbai 400013.
SBI Ventures' philosophy for the Neev Fund platform centres on impact-first investing with market-rate returns: backing commercially viable businesses in India's most underserved geographies and sectors that can create jobs, improve livelihoods, and generate measurable environmental and social benefits. The fund applies international best-practice governance standards to a distinctly Indian development context — embedding independent boards, risk management frameworks, ESG standards, anti-corruption policies, and codes of conduct within investee companies. Investment and exit decisions are guided by an Investment Committee with representation from contributors (LPs), the investment manager, and independent industry experts. A Limited Partners' Advisory Committee provides strategic direction. The fund is explicitly impact-linked: investments must demonstrate potential for social/environmental returns in addition to financial returns, targeting the SDG-aligned goals of job creation, sustainable economic growth, and climate resilience in low-income states.
Akshay Tanna
Investment Team Lead, Neev Fund
Akshay Tanna has close to two decades of experience in private equity, principal investments, and advisory roles with leading domestic and international investors. He started his career with the India Infrastructure Fund (a ~USD 1 billion infrastructure fund managed by IDFC Alternatives) and has since worked at CapAleph Private Equity, GMR Infrastructure (Project Finance, road sector, NHAI bids), and MAPE Advisory Group. He has been part of teams that have invested over USD 100 million in Indian infrastructure and has led investments for Neev Fund.
Ashish Kumar
Managing Director & CEO
Ashish Kumar is the Managing Director & CEO of SBI Ventures Limited, leading the firm’s venture capital and alternative investment initiatives across sectors including emerging technologies and sustainability.
Ankita Shrivastav
Compliance / SEBI Contact
Ankita Shrivastav is associated with SBI Ventures Limited and is listed as the SEBI contact person for the SVL Climate Tech Fund.
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