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Govt appoints CanBank VC to get funds for Electronics Development Fund

The Department of Electronics & Information Technology (DeitY) has appointed CanBank Venture Capital Fund as fund manager to manage the Government’s Electronics Development Fund (EDF) and is inviting participation from seed, angel and daughter funds. The government aims to achieve 'net zero' imports by 2020, while the demand for electronics is estimated to be $400 billion by 2020, according to the press note. Dr Ajay Kumar, Additional Secretary of DeitY said that EDF’s goal is to reduce the country’s ‘ballooning’ import bill on increasing demand for electronic devices. The EDF will participate in ‘daughter funds’ to provide risk capital to companies developing new technologies in electronics, nano-electronics and IT. It will take minority participation in seed, angel and venture funds in these domains, and invite private/public funds to participate. The EDF will support Indian and foreign funds registered in India.…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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