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Accelerating Investments in India's Underserved States
Managed by SBI Ventures
SEBI-encouraged funds — venture capital, SME, social-impact and infrastructure. Close-ended, generally unleveraged.
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.
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.
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