Bangalore: National Innovation Fund (NIC) has planned to launch its 5000 crore VC fund which would be aimed at supporting small enterprises by March, reports Economic Times.

"We are creating a Rs 5,000-crore venture fund which will be operational by the end of March. We have already spent a year-and-a-half structuring, working on it and getting government approvals," said Sam Pitroda, Chairman of NIC to ET.

This 5000 Crore fund will be governed by a trust that would be registered with SEBI (Securities and Exchange Board of India). The fund was kick started with the Union Ministry of Finance including 100 crore in the union budget 2012.

The fund got its seed money from the government itself and NIC plans to work the fund like any other VC fund but plans to focus a little more on support enterprises which drive change at the bottom of the economic pyramid.

"Best brains in the world are busy solving problems of the rich who really don't have problems to solve. As a result the problems of the poor don't get the right kind of talent,” said Pitroda to ET.

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