India’s first SEBI (Securities and Exchange Board of India) registered social impact fund the “DICCI-SME Fund”(Dalit Indian Chamber of Commerce & Industry – DICCI) was launched by the Union Finance Minister P Chidambaram, in the ballroom at the Taj Mahal Hotel, in the country’s financial capital, Mumbai on June 06th(Thursday, 2013.
The VC fund is initiated by the DICCI and aims to raise Rupees 500 crores over ten years. SIDBI’s (Small Industries Development Bank) Chairman and Managing Director Sushil Munhot handed over a commitment letter to Milind Kamble – Chairman of DICCI, contributing 10 crore to the 100 crore corpus of the DICCI-SME Fund.
The Union Finance Minister, P Chidambaram said “the first Dalit Fund will go a long way in creating social equity”.