Self-Reliant India Fund, SRI Fund

Purpose:

SRI Fund follows a Fund of Funds model. Rather than investing directly in every MSME, the Mother Fund commits capital to SEBI-registered Category I and Category II AIFs called Daughter Funds. These Daughter Funds then identify and invest in commercially viable, growth-oriented MSMEs through equity, quasi-equity and other instruments permitted under applicable regulations. The objective is to help MSMEs scale, improve competitiveness, pursue listing and potentially become national or international champions.
nvcfl.co.in,
sbiventures.co.in

Key documents:

Requirements vary by Daughter Fund, sector and transaction. Common documents include an investment presentation or pitch deck; promoter profile; Udyam Registration Certificate; certificate of incorporation; memorandum and articles; partnership or LLP documents, if applicable; shareholding and capitalization table; PAN, GST and statutory registrations; audited financial statements; current-year provisional financials; bank statements; income-tax and GST returns; business plan; financial projections; use-of-funds statement; details of existing loans and security; customer and supplier concentration; order book; licenses and approvals; intellectual-property details; material contracts; related-party transactions; litigation and regulatory disclosures; environmental and social compliance records; valuation expectations; and proposed investment terms. The Daughter Fund may require extensive financial, tax, legal, technical, commercial and promoter due diligence before approval.

Relevant Government Reference / Government Resolution / Orders / Circulars

Creation of a Fund of Funds for MSMEs was announced on 13 May 2020 under the Atmanirbhar Bharat package to improve access to growth capital. The SRI Fund was subsequently established as the first scheme of NVCFL. It is registered with SEBI as a Category II Alternative Investment Fund, with registration number IN/AIF2/21-22/0924, under the SEBI Alternative Investment Fund Regulations, 2012. Its operations are governed by the SRI Fund scheme guidelines, SEBI regulations, the fund’s private placement memorandum, contribution agreements, NVCFL policies, Daughter Fund agreements and subsequent circulars or amendments.
sbiventures.co.in,

Online Facility Available

Available. As of July 2026, NVCFL reported 72 empanelled Daughter Funds, 760 beneficiary MSMEs, ₹6,620 crore of commitments under management and total investment of approximately ₹20,051 crore in MSMEs, including investments by Daughter Funds. Availability does not create an entitlement to funding. Each Daughter Fund applies its own investment thesis, target returns, sector focus, investment stage, governance standards and due-diligence requirements.
[nvcfl.co.in]

Online Application Link

SRI Fund/NVCFL official website:
https://www.nvcfl.co.in/

Scheme details:
SRI Fund Scheme

Empanelled Daughter Funds:
List of Daughter Funds

SBI Ventures SRI Fund page:
SRI Fund

Applicable Fee

No standard Government application fee is prescribed for an MSME merely to express interest through the NVCFL website. However, equity investment involves transaction costs that can vary by Daughter Fund and proposed deal. These may include legal due diligence, financial and tax due diligence, technical review, valuation, documentation, stamp duty, regulatory filings and other transaction expenses. A Daughter Fund may bear, share or recover permitted costs according to its investment policy and negotiated term sheet. Unlike a bank loan, there is ordinarily no conventional processing fee and interest schedule for pure equity investment. Instead, investors seek returns through capital appreciation, dividends, redemption, conversion, buyback, listing or another agreed exit mechanism.

Mode of Fee Payment

Any legitimate transaction or due-diligence expense should be paid only after receipt of a written mandate, engagement letter, term sheet or invoice from the concerned Daughter Fund or its authorised professional adviser. Payment should be made through a traceable banking channel to the officially designated account. MSMEs should not pay cash or transfer funds to an individual claiming that payment will guarantee investment approval. All costs, including whether they are refundable, should be confirmed in writing before payment.

Decision-Making Authority

NSIC Venture Capital Fund Limited, NVCFL, a wholly owned subsidiary of the National Small Industries Corporation Limited, NSIC Fund sponsor: National Small Industries Corporation Limited Investment Manager: SBI Ventures Limited, formerly SBICAP Ventures Limited Anchor investor: Government of India through the Ministry of MSME
nvcfl.co.in,
sbiventures.co.in,
Ministry of Micro, Small and Medium Enterprises, Government of India

Time Required for Decision

No uniform approval timeline applies. Venture-capital and private-equity decisions generally involve preliminary screening, management discussions, investment memorandum preparation, financial and commercial assessment, valuation negotiation, due diligence, Investment Committee approval, definitive documentation, condition-precedent completion and fund disbursement. The duration depends on the investment size, transaction complexity, documentation quality, promoter responsiveness and regulatory approvals. Submission of an expression of interest does not guarantee review within a fixed period or approval of investment.

Online Grievance Redressal Link

An MSME with a grievance against an empanelled Daughter Fund should first raise it with that Daughter Fund under its grievance mechanism. If the issue is not resolved, it may be escalated under the NVCFL/SRI Fund Grievance Redressal Policy. NVCFL’s grievance page is available at NVCFL Grievance Redressal. NVCFL accepts grievances at
grievance@nsic.co.in
and at its registered office. The SRI Fund’s 2024 Grievance Redressal Policy sets out stakeholder escalation and resolution procedures.

Office Address

NSIC Venture Capital Fund Limited, NVCFL: NSIC Bhawan, Okhla Industrial Estate, New Delhi – 110020, India. For investment proposals, MSMEs should generally contact the relevant Daughter Fund listed on the NVCFL website. The Daughter Fund list provides fund-specific office addresses, including several funds located in Mumbai, Bengaluru, Delhi and other investment centres.

Contact Telephone Number

NVCFL: 011-26924510. Grievance contact: 011-26926275. SRI Fund Investment Manager, SBI Ventures: 022-69112800. For an unresolved investment-manager query, SBI Ventures also publishes 022-69112882. An MSME should preferably contact the relevant Daughter Fund shown in the official empanelled-fund directory for investment-specific discussions.

Official Contact Email ID

NVCFL general contact:
osd@nvcfl.co.in.
Grievances:
grievance@nsic.co.in.
SRI Fund Investment Manager:
infosrifund@sbiventures.co.in.
Each Daughter Fund has its own designated contact e-mail in the official NVCFL directory.

Beneficiary:

As mentioned above

Benefits:

Eligible MSMEs can receive growth capital without relying solely on conventional bank debt. Investment may be structured as equity, compulsorily convertible instruments, optionally convertible instruments, quasi-equity or another instrument permitted by the relevant Daughter Fund and SEBI rules. In addition to capital, the investee MSME may benefit from governance improvement, professional management, strategic mentoring, network access, market expansion, technology adoption, preparation for subsequent investment rounds and support for potential listing on an SME exchange. The SRI Fund’s overall corpus is ₹10,006 crore. Daughter Funds are required to invest at least five times the SRI Fund contribution received by them, net of eligible fees and expenses, into qualifying MSMEs.