Gurugram-based Veddis Foundation has announced a Social Impact Fund (SIF) under which it has committed to invest over Rs 100 crore in the next three years in organisations engaged in solving complex societal challenges in India.
Through the SIF, the Foundation will provide grants to non-profit organisations working to improve public service delivery and governance.
India's leading venture capitalist S K Jain (RatnaTraya Capital, ex-Sequoia Capital and Westbridge Capital) and innovation expert Padma Shri Ashok Jhunjhunwala (president and board member, IIT Madras Research Park) have joined Veddis Foundation as advisors for these initiatives.
"The SIF aims to support organisations that share our philosophy of maximising social return. We believe this can be achieved by adopting technology and/or leveraging public funds.
"We look forward to funding organisations that operate at the intersection of policy and technology and help government departments implement policies," Veddis Foundation founder and trustee Vikrant Bhargava said.
The foundation has been a part of the direct implementation of the National Rural Livelihoods Mission in Haryana and Rajasthan. It has also supported non-profit organisations working on the implementation of various government schemes with an objective to ensure effective utilisation of public funds.