RCVF invests Rs 15crore in PR Packagings Ltd

Jaipur-based regional fund Rajasthan Venture Capital Fund (RVCF) has invested Rs15 crore in PR Packagings Limited (PRP), a packaging company in Faridabad.
    
The funding is part of its Rs150-crore SME Tech Fund targeted at investing in emerging small and medium enterprises.
    
RVCF Chief Executive Officer Girish Gupta said PRP produces high quality Folding Cartons including Printed Mono Cartons, Fluted Boxes, Pouches, Brochures, Leaflets etc.
    
"It is providing packaging solutions to big brands in electronics, pharmaceuticals, cosmetics, automobile industries and food chains," he said.
    
The Indian packaging industry has been growing at 15% year-on-year. With demands arising from growing food processing and pharmaceutical industries, it is likely to grow at 18-20% over the next five years.
    
The company, which largely operates in northern India, plans to expand and widen its customer base by enhancing its capacity, exploring new packaging opportunities and widen its product portfolio through the fresh investment.
    
"It is also planning to foray into the manufacturing of Flexible tubes, laminate tubes, seamless tubes," Gupta said.
    
RVCF is Rajasthan's first venture capital fund, mandated to operate on pan-India basis. It manages two Sebi registered domestic venture capital funds -- RVCF Fund I and SME TECH FUND and RVCF Trust II -- supported by 11 investors, including Rajasthan State Industrial Development and Investment
Corporation (RIICO) and Small Industries Development Bank of India (SIDBI) as lead investors.