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Neev II Fund – Overview
Neev II Fund, the successor fund of Neev I, was launched in May 2021 and seeks to provide growth and capital expansion to SMEs offering solutions for clean energy, electric vehicles, efficient use of raw materials, and water and circular economy projects in the country. The SME space is one of the largest employment generators in India, and has the ability to generate a multiplier effect in terms of increased standards of living, better livelihoods and access to clean energy to large sections of society is tremendously high.
The registration details of the fund are as follows:
Category of AIF: Category I
SEBI Registration No.: IN/AIF1/19-20/0730
Name of Fund Manager: SBI Ventures Limited (formerly known as SBICAP Ventures Limited)
Investment Objectives and Sectors
Neev II will invest in small and medium enterprises (SMEs) that focus on limiting and increasing resilience to climate and environmental changes and are aiding India in meeting its carbon emissions reduction targets by 2030. To fulfil India’s Nationally Determined Contributions (NDCs), the SME sector will be at the forefront of meeting the national climate change objectives as SMEs are closely aligned with on-the-ground realities.
Neev II aims to bridge the private equity gap required for the transition towards climate resilience and low emissions in the SME space. Neev II will go beyond the traditional definition of impact investing by taking up policy initiatives to harness the true potential of impact. It will follow an active engagement model like Neev I which will enable its portfolio companies to grow and transmit the benefits across the value chain. The fund will work with its investees to provide regulatory support, access to finance and organization building abilities.
Key Contributors
The contributors in Neev II are
State Bank of India (SBI)
Having a rich heritage and legacy of over 200 years, State Bank of India (SBI), a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai and is accredited as the most trusted bank by Indians through generations. Through its 30 subsidiaries and 9 joint ventures, it is the dominant banking and financial services group in India; SBI is the largest bank in India and has a 23% market share in assets and approximately one-fourth of the total loans and deposits market. The majority shareholding in the bank is with the Government of India. It has spread its presence globally and operates across time zones in 31 foreign countries.
SBI Ventures Limited (Formerly known as SBICAP Ventures Limited)
SVL is a wholly owned subsidiary of State Bank of India, incorporated in November 2005 for carrying on venture capital fund activities i.e. to act as an asset management company for venture capital funds. SVL is the Sponsor and the Investment Manager of the Neev Funds
European Investment Bank (EIB)
The European Investment Bank is the lending arm of the European Union. They are one of the biggest multilateral financial institutions in the world and one of the largest providers of climate finance. They catalyse private capital through investment in equity and in funds. United Kingdom India Development Cooperation Fund (UKIDCF): UKIDCF is focused on achieving UK-India development cooperation objectives as identified in the UK-India 2030 Roadmap. The Fund aims to achieve its investment objectives by investing substantially all of its assets in SEBI registered Category I and Category II Alternative Investment Funds (AIFs) which seek to invest in sectors that promote sustainable economic development, help reduce poverty and contribute towards achievement of India’s Sustainable Development Goals.
Small Industries Development Bank of India (SIDBI)
Incepted on 2nd April 1990 under an Act of Indian Parliament, SIDBI acts as the Principal Financial Institution for actively Promotion, Financing and working for the Development of the Micro, Small and Medium Enterprise (MSME) sector as well as supporting the active co-ordination of functions of institutions engaged in similar activities. SIDBI’s initiatives have remained aligned to the national goals of poverty alleviation, employment generation, kindling entrepreneurship and fostering competitiveness in the MSME sector. Being the Principal FI for MSMEs, SIDBI has dedicated its resources to evolving a vibrant MSME ecosystem. They work to facilitate and strengthen credit flow to MSMEs and address both financial and developmental gaps in the MSME eco-system. Its vision is to come out as a single window for meeting the economic and developmental needs of the MSME sector to make it strong, vibrant and globally competitive, to position SIDBI Brand as the preferred and customer-friendly institution and for enhancement of shareholder wealth and highest corporate values through a modern technology platform.
Japan International Cooperation Agency (JICA)
JICA, Japan’s governmental agency works towards promoting economic and social growth in developing countries. JICA is one of the largest bilateral development organizations in the world with a network of 97 overseas offices and projects in more than 150 countries. JICA’s vision is to take the lead in forging bonds of trust across the world with its partners, aspiring for a free, peaceful and prosperous world where people can hope for a better future and explore their diverse potentials.
Self Reliant India (SRI) Fund
The Self Reliant India (SRI) Fund is organised as the first scheme of NSIC Venture Capital Fund Limited (“NVCFL”), a wholly owned subsidiary of National Small Industries Corporation Ltd. SRI Fund employs a ‘Fund-of-Fund’ investment strategy wherein the Fund shall be holding a portfolio in SEBI registered Category I and Category II Alternative Investment Funds, which shall in turn invest in MSMEs.
Foreign, Commonwealth & Development Office, Govt. of UK (FCDO formerly DFID)
FCDO leads the UK’s work internationally, promoting the UK overseas. Being an active, confident, internationalist, burden-sharing and problem-solving nation, they are the most vital force in promoting the interests of British citizens, safeguarding the UK’s security, defending values, reducing poverty and tackling global challenges with all their international partners.
Neev Fund’s Portfolio
Blue Planet Environmental Solutions
Blue Planet is a company promoting the business of circular economy. It is engaged in the business of waste collection, transportation, segregation, processing, treatment and disposal activities in India. It strives to create a net positive impact through its triple bottom line approach i.e. ‘People, Planet and Profit’ leading to Net Positive Impact. The platform has acquired majority positions across businesses in India, South East Asia and UK.
Chakr Innovation
Chakr manufacturers retrofit emission control devices for diesel generators. The technology used by the firm is a novel emission control system that has achieved a reduction of over 70% of key pollutants, with miniscule power consumption and without any negative impact on the efficiency of the diesel generator.
GPS Renewables
GPS Renewables is a Bangalore based waste-to-energy clean-tech firm. GPS is currently deploy cutting edge biogas technologies to solve the organic waste management challenge and accelerate the substitution of fossil fuel with bio-energy. It’s core products are the BioUrja, a state-of-the-art modular biogas plant and the BiogasBot, a proprietary AI solution for remote predictive bioprocess management. GPS recently completed the EPC works for a city scale BioCNG plant and executed- a 500 TPD project in Indore i.e., one of the largest waste to BioCNG plants in Asia.
Hygenco Green Energies
Hygenco develops and deploys scaled-up commercially attractive Green Hydrogen production assets. These assets produce Green Hydrogen using renewable energy, as a viable and sustainable alternative to fossil fuels.
Nutrifresh Farm Tech India
Nutrifresh Farm Tech India is a leading Controlled Environment Agriculture (CEA) company, specializing in hydroponic farming and delivering environmentally conscious, sustainable produce. The company produces over 40 varieties of residue-free vegetables and fruits year-round with exceptional freshness and flavor. Nutrifresh maintains an extremely hygienic farm and RO-purified water supply, along with optimum nutrient provision, which forms the basis of their cultivation approach.
Solinas Integrity
Solinas develops robotic and Artificial Intelligence (AI) solutions for the water and sanitation industry, with a focus on detecting defects and leakages in water and sewer pipelines and eliminating manual scavenging through mechanized cleaning of manholes and septic tanks.