“SVCL champions an industry defining venture fund. Humble beginnings, similar to the Space-Tech of today and a successful journey from a point of inflection to maturity.”

The first Fund raised and exited by SVCL viz. National Venture Fund for Software and Information Technology Industry (NFSIT) was launched by the then Hon'ble Prime Minister of India, Shri Atal Behari Vajpayee on December 10, 1999, focused on investing in IT/ITES companies, which as an industry was at a similar inflection point to where space-tech is today. NFSIT made investments aggregating ₹84.40 crore in 31 companies. The Fund is fully exited and distributed ₹201 crore as against contribution of ₹100 crore. NFSIT gave top quartile returns to the contributors and has resulted in giving birth to at least one unicorn, Indiaideas.com Limited (BillDesk) and second potential unicorn, Manthan Software Services Limited (presently known as Algonomy).

NFSIT, a fund of 1999 vintage, faced multiple challenges like the dot.com crash, 9/11 and economic slowdown of 2008-2009. NFSIT successfully overcame these challenges and succeeded in posting a positive return and also proved the potential for Venture Capital funding for start-ups and early-stage companies in the Software and IT space in India. During the lifecycle of NFSIT, SVCL actively promoted Venture Capital in various forums in India, in association with organisations like Indian Venture Capital Association and Electronics & Software Export Promotion Council, etc.

Once is an accident, twice is a co-incidence, and beyond is a pattern…