EIB, SBI to back €100 m Neev Fund II for SMEs
May 08, 2021
Fund will offer equity support for ‘innovative’ firms
The European Investment Bank (EIB) and the State Bank of India (SBI) have agreed to back the new Neev Fund II, which will invest up to €100 million in Indian small and medium-sized enterprises (SMEs).
Neev II Fund, which is under the management of SBICap Ventures (a step-down subsidiary of SBI), will provide growth and expansion capital to companies offering solutions for clean energy, electric vehicles, efficient use of raw materials, and water and circular economy projects in the country.
“The fund will enable Indian innovative and emerging companies to fund their growth through equity or quasi-equity instruments,” according to a joint statement issued by EIB, SBI and the European Commission.