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MP Government Launches Venture Fund; Keiretsu Forum Enters in India & RxPrism to Set Up a Hub in London

Customer engagement firm RxPrism Health Systems that is focusing on the healthcare sector, will be setting up an innovation hub in London with an investment of $2 million.

Madhya Pradesh Government has rolled out a new venture fund MPVFL; Global angel investment network Keiretsu Forum is expanding its presence in India; and Customer engagement firm RxPrism Health Systems that is focusing on the healthcare sector, will be setting up an innovation hub in London with an investment of $2 million. Read a brief description about all of them:

1. The Madhya Pradesh Government has rolled out a new venture fund Madhya Pradesh Venture Finance Limited (MPVFL), with an aim to create an SME Innovation Fund.

The venture fund has been established under the Madhya Pradesh MSME Fund Trust, with a total corpus of $15.4 million (Rs 100 Cr) with a green shoe option of $7.74 million (Rs 50 Cr). Funding for the same has been received from the state government as well as multilateral agencies such as banks, financial institutions, corporate, etc.

The venture fund is sector agnostic and looks forward majorly to invest in state SMEs. The fund also looks keen to invest in innovative, scalable, and sustainable ventures, startups, and projects, which primarily benefit the state of Madhya Pradesh. The fund tenure is effectively nine years, with an option for liquidation after seven years.

2. Global angel investment network Keiretsu Forum is expanding its presence in India with its fourth chapter in Delhi. The operations is expected to be start in Delhi in August.

The angel network has already signed up a few members in Delhi.

Keiretsu has also appointed former Bloomberg TV India national editor Vivek Law and Krishnaprasad Ramanathan, former head of sales for non-resident Indian clients at HSBC, as co-presidents of its Delhi and Bangalore chapters.

The network started in India with the Chennai chapter in January 2015. It later started its Bangalore and Mumbai chapters. Globally, it recently started operations in Chicago, taking the total number of its chapters to 52.

3. Customer engagement firm RxPrism Health Systems that is focusing on the healthcare sector, will be setting up an innovation hub in London with an investment of $2 million. The UK centre is expected to be functional by the end of this year, following which it will set up another innovation hub in the US next year, according to ET report.

RxPrism is one of the startups that has been selected for a UK launch through the `India Emerging 20' programme by the Mayor of London's inward investment company, London Partners, and it will use this hub to expand its presence in the UK and the EU region.


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