startups: Numaligarh Refinery join hands with NVCL to support Northeast Startups

Assam-based Numaligarh Refinery Limited (NRL) is collaborating with NEDFi Venture Capital Limited (NVCL) to support Startups from the Northeast Region by way of equity funding.

The company stated NRL has so far supported startups through a Corpus Fund of Rs. 10 Crore identified for the purpose under its flagship Startup initiative, NRL iDEATION. With a view to create a self-sustaining fund, NRL has adopted an equity investment strategy in startups under NRL iDEATION by way of constituting an Angel Fund under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012. The Alternative Investment Fund (AIF) is proposed to be created with a total corpus of Rs. 30 Crore. As required by SEBI guidelines for AIF, NRL has engaged NVCL as Fund Manager to manage the startup equity portfolio of NRL.

NRL iDEATION was launched in July 2017 and with objective of Building, Strengthening, Consolidating & Developing the Startup Eco-system in North East India while carving out its future roadmap to start investing Equity in Startups. So far, it has created an impact for 37 Startups in stages ranging from Proof of Concept to Scale-up and spanning from Agri & allied to SaaS sector with a total funding of Rs. 8.5 Crore


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