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IndiaCo, a Pune-based equity investment firm, on Wednesday, said that it has received approval for $800,000 programme from the World Bank to improve its incubation and innovation centre and support upcoming companies in India and abroad.
The World Bank, through its Infodev programme, will contribute $400,000 in cash while IndiaCo, a private equity investment firm that supports technology-based ventures in software, biotech, nano-technology and energy sectors, will invest the remaining amount.
"This is for the first time that the World Bank is investing such an amount in any private firm in India. So far, the investment of World Bank has been restricted to societies and trusts through governments. Now, it wants to see how we help medium and small companies," CEO and president of the company Rahul Patwardhan told PTI in Pune.
The two year-programme will allow IndiaCo to strengthen its existing operations, further develop its network, improve infrastructure and facilities at its 'Innovation Centre' in the city.
It has a portfolio of over 40 companies -- from small two-person start-ups to 200 person operations -- that are listed on the Bombay Stock Exchange.
In 2004-2005, IndiaCo plans to invest in more than 100 companies, out of which most will be in India while a few others in Malaysia, China and Singapore.