Maharashtra Innovation & Technological Development Fund

Brief Introduction

Maharashtra Innovation and Technological Development Fund (“MITDF” or “’Fund”’) has been registered with SEBI as a Category - I Alternative Investment Fund (AIF) under the subcategory Venture Capital Fund with effect from August 25, 2022. MITDF is carrying Registration No. IN/AIF1/22-23/1118. IDBI Trusteeship Services Limited is the Trustee and IDBI Capital Markets & Securities Limited is acting as Sponsor and Investment Manager of the MITDF.

Investment Objective

The primary investment objective of the Fund is to invest in early stage Maharashtra incorporated Startup and MSME companies, which are having innovative and scalable business model and which work towards development or improvement of a product, process or service and/or have scalable business model with high potential for creation of wealth & employment. The Fund shall invest in promising, innovative and high impact startups and MSMEs, who are solving problems with innovative solutions in sectors.

Key Factor:-

Innovative Solutions

Differentiated products

Socially relevant

Sector Opportunity including but not restricted to following:-

Health Care, Cyber Security

Agriculture, Clean Energy

Waste & Water Management

Smart Infrastructure & Mobility

Education, Skill Development, Fintech

Other Sectors where GoM sees relevance.

Investment Strategy

The investment identified strategy of the Fund will be to Invest primarily in privately negotiated equity and equity-related instruments of Companies, engaged in the activities permitted under the AIF

Regulations, within the limits and restrictions provided under the AIF Regulations on a private placement basis, which shall exhibit potential to return capital appreciation in the opinion of the Investment Manager. The Fund would be sector agnostic and shall make investments in accordance with the AIF Regulations.

Fund Investment Criteria

The following is an illustrative list of criteria to be met by every applicant. The competent authorities reserve the right to add and edit other fund/company specific criteria. The final decision of investment / divestment shall be subject to approval from the competent authorities of the funds.

The Fund invests only in companies incorporated in Maharashtra under The Companies Act, 2013 (or registered under the erstwhile Act).
The Company and its operations shall be domiciled in the state of Maharashtra. MITDF funds shall be wholly invested in the state of Maharashtra so as to provide economic benefit to the people of Maharashtra.
The Company shall meet the criteria of Start-up as per start up India initiative by Government of India. The primary focus will be on impact startups and MSMEs, who are solving problems with innovative solutions in sectors including but not restricted to agriculture, healthcare, waste management, water management,fintech, cyber security, governance, smart infrastructure, education, skilling, clean energy and mobility and other sectors where the government of Maharashtra sees relevance.
Investment in any company in any single investment round shall not be more ₹10 Crore or 10% of the committed corpus, whichever is lower
The fund will look for excellent entrepreneurial qualities; strong capability in innovation (preferably IP) based products/ services or highly scalable businesses with proof, track record and a clarity and focus of business models
The company must have sound governance standards and ethical practices and a capability to put in place systems and processes which will support the growth plans of the company. It should also have a strong management team with relevant and complementary experiences.
An auxiliary focus of the Fund shall also be on supporting the cause of women entrepreneurship.

Major Contributor

Maharashtra Innovation and Technological Development Fund

Catalyzing Innovation and Entrepreneurship