Aparna S in conversation with Manish Kumar, Vice President, KITVEN for SMBIT.INBANGALORE, INDIA:
Name: Mr Manish Kumar
Designation: Vice President
KITVEN (Karnataka Information Technology Venture Capital Fund) was started in 1998 – 99 by the Central and State Governments to assist the IT Sector with an identified need to create venture capital and encourage entrepreneurship. Karnataka was the first state to start this facility and has assisted 17 companies so far with a venture capital investment close to 17.6 crores.
After the initial success, KITVEN has launched its second division with an increased investment of 26.25 crores and an investment beyond IT, BT and NT fields. Currently KITVEN has got approval and funds to support SMEs. Its important to note that KITVEN provides collateral free funding.
The key and challenging aspect of KITVEN is to do in-depth research of organizations to identify the right ones which deserve the aid and backing. Each of the funds are restricted to organizations within the state. KITVEN identifies organizations which are two or three years old with a strong selling proposition, a great idea and robust growth plans. They also look for companies with niche products which can be sponsored.
They also follow the SEBI guidelines correctly.
KITVEN is a very popular group and is in touch with all the major SME associations to extend it services like NASSCOM, SILICON INDIA, TIE, CII, VENTURE BOARD, SMART TECHIE and so on.
In this year, two new funds have been rolled out. One is for the BIOTECH industry with 50 crores of available funding and one is for the SEMICONDUCTOR industry with 100 crores of available funding.
Shri Manish Kumar B is working as Assist. Vice President with KITVEN Funds (Karnataka Information Technology Venture Capital Funds). Expertise of over 10 years in VC investments covering the entire gamut right from deal sourcing, scrutinizing, due diligence, feasibility assessment, board representation to exits.
Representation on the Boards of assisted units namely Telibrahma, Indegene, Inknowtech, Sloka Telecom & Vidteq. Managed successfully Rs.15.00 Crore VC Fund started in 1998-99, and investments made to the tune of Rs.17.56 Crore in 17 units. Currently managing KITVEN Fund – 2 with corpus of Rs.26.50 Crore. Shortly launching 3 new VC Funds (For SMEs- KARVEN Fund (Rs.10 crore), Biotech (Rs.50 crore) & Semiconductor Rs.100 crore)).