Powering India's Technological Self-Reliance: How VCF-SC Enabled a Scheduled Caste Entrepreneur to Build an Advanced Electronics Manufacturing Enterprise

The Venture Capital Fund for Scheduled Castes (VCF‑SC), administered by the Ministry of Social Justice & Empowerment, provided ₹4.98 crore in 2018 to Smart‑Waves Technologies Private Limited, a Hyderabad‑based electronics manufacturing firm founded by SC entrepreneur Mr Mallikharjuna Rao Yelisela. The fund’s equity and convertible debenture support enabled the company to set up an advanced EMS unit, procure specialised equipment, and expand into defence, aerospace, industrial, automotive and EV sectors. The enterprise now employs 128 people (40 SC and 88 non‑SC), with women constituting over 50 % of the workforce, has assets of ₹8.41 crore, annual revenue of ₹18.87 crore and net worth of ₹22 crore, and supplies to HAL, BEL, ISRO and other defence clients.