Canbank Venture Capital Fund Ltd (CVCFL), the Investment Manager of the Fund, is a wholly owned subsidiary of Canara Bank. CVCFL is one of the earliest Venture Capital management companies in India. CVCFL is an India centric, Growth Capital Venture Capital Fund, with over two decades of experience in the Venture Capital / Private Equity industry in India.
The Fund has invested in several promising companies, partnered progress and posted successful exits. The Fund invests in businesses with an established technological or market positioning edge and good growth potential. CVCFL's professional & multi-functional team has a hands-on, pragmatic and operational approach to value creation and building of businesses.
Canbank Venture Capital Fund Ltd has also been assigned the role of Fund Manager to house the Electronics Development Fund (EDF) by Ministry of Electronics & Information Technology, MeitY, GoI
As part of the "Digital India" agenda of the Government of India and to develop the Electronics System Design and Manufacturing (ESDM) sector so as to achieve "Net Zero Imports" by 2020. EDF was setup by GoI as Fund of Funds.
The "Fund of Funds' Scheme viz., Electronics Development Fund ("EDF") with a corpus of INR 2206 crs with Canbank Venture Capital Fund Limited as the Investment Manager was launched in February 2016. The Objective of Electronic Development Fund (EDF) is to provide risk capital to companies developing new technologies in the area of electronics, nano-electronics and Information Technology (IT). The EDF will also help attract venture funds, angel funds and seed funds towards R&D and innovation in the specified areas. It will help create a battery of Daughter funds and Fund Managers who will be seeking good start-ups (potential winners) and selecting them based on professional considerations.
Empower India Fund, Sixth Fund of Canbank Venture Capital Fund Ltd has declared its Initial Close with a corpus of Rs.235 Cr on 6th December 2019.
Mr. Debashish Mukherjee, is the Executive Director of Canara Bank. He holds a Bachelor degree in Science (BSc.), Diploma in Computer Applications and Diploma in Company Law. He is also a Certified Associate of Indian Institute of Bankers. He has an experience spanning over 36 years in domestic and international banking operations, investments, MSME and large corporate credits, risk management. He has extensive exposure in the field of credit which includes credit assessment, project appraisal, loan syndication, credit monitoring, overseas banking operations and investments.
Board of Canbank Venture Capital Fund Ltd permitted to contribute to Pilani Innovation & Entrepreneurship Development (PIED) Society under Corporate Social Responsibility (CSR) activity of CVCFL