Neev plans to back companies offering diverse solutions including clean energy, electric vehicles (EV), efficient usage of raw materials and managing water and circular economy projects in India.
Neev II fund has invested $25.4 Mn in renewable energy semiconductor startup Hygenco. Founded in June 2021, Neev II Fund is a private equity fund. Through this fund, Neev plans to back companies offering diverse solutions including clean energy, electric vehicles (EV), efficient usage of raw materials and managing water and circular economy projects in India.
The Neev II and Neev I funds are managed by SBICAP Ventures. Both funds are backed by domestic investors SIDBI, SBI Group, and the SRI Fund and international investors such as the UK government’s FCDO, Japan International Cooperation Agency (JICA), and the European Investment Bank (EIB).
The Neev Fund I, which launched in 2015, backed 10 startups operating in diverse sectors such as clean energy, agri supply chain and social infrastructure.
“Renewable sources of energy like green hydrogen are important tools in our collective efforts to tackle climate change. The UK and India agreed to collaborate on green hydrogen initiatives as part of our Roadmap 2030 agreement,” said Alex W Elis, British High Commissioner to the Republic of India.
