Singapore and India, 27 November 2018 – Blue Planet Environmental Solutions, an end to end waste management solutions company today announced that the State Bank of India (SBI) backed Neev Fund has made a strategic investment in the company. SBI is the largest commercial bank in India with a market share of 20 per cent of the country’s total deposits, advances, customers and branches while the UK Government’s Department for International Development (DFID) works towards building a safer, healthier, more prosperous world for people in developing countries by providing developmental capital.
The investment was made by Neev Fund, an infrastructure-focused private equity fund that was created as a partnership between SBI and the DFID.
The investment was made to further the mandate of the fund, which aims to provide capital to portfolio entities to achieve long-term capital appreciation while promoting sustainable development. The fund is managed by SBICAP Ventures, an alternative asset manager and a wholly owned subsidiary of SBI Capital Markets, which was ranked number 1 Global Bookrunner by Thomson Reuters with a volume of USD 7.7 billion.
With an objective to invest in the low income and developing states of India, Neev provides financial assistance for infrastructure sectors that directly relate to sustainable development including renewable energy, healthcare, education and urban solutions.
Blue Planet is one of the few players in the region which is focused on a technology-driven integrated solution to waste management in India, offering services spanning from waste collection to resource recovery and upcycling.
“We are delighted to be associated with the Neev Fund, who have a good understanding of this space and are backed by impactful investors such as State Bank of India and the Department For International Development of the United Kingdom,” said Prashant Singh, Founder and Chief Executive Officer of Blue Planet Environmental Solutions.
He added: “We believe that our partnership with the Neev Fund will give us additional impetus as we aggressively scale up the business in the waste management space.”