LC Nueva AIF raises Rs 50 crore from SIDBI

LC Nueva Alternate Investment Fund has raised Rs 50 crore from the Small Industries Development Bank of India (SIDBI), the company announced on Monday.

LC Nueva has used 75 per cent of the capital and the remaining amount will be used subsequently on its existing portfolio of startups, it added. The fundraise is part of the Small Industries Development Bank of India’s (SIDBI’s) Funds of Funds Scheme for startups, the company said. The scheme was approved by the central government in 2016, with a corpus of Rs 10,000 crore to be managed by SIDBI.

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LC Nueva is a sector-agnostic early-stage fund formed after a partnership between Lighthouse Canton and Nueva Capital, which primarily invests in Pre-Series A or Series A startups, according to the company. The fund has a portfolio of 32 companies from various industries with a fund size of Rs 350 crore, it added.