Powering India's Technological Self-Reliance
FinTech BizNews Service
Mumbai, 1 August, 2026: Determination, technological innovation and timely institutional support have enabled many entrepreneurs to establish globally competitive enterprises. One such inspiring example is Smart-Waves Technologies Private Limited, a Hyderabad-based electronics manufacturing company founded by Scheduled Caste entrepreneur Mr. Mallikharjuna Rao Yelisela, whose journey reflects the transformative impact of the Venture Capital Fund for Scheduled Castes (VCF-SC) under the Ministry of Social Justice and Empowerment.
Mallikharjuna Rao Yelisela
The company established an advanced Electronics Manufacturing Services (EMS) unit engaged in the design, development, testing, assembly and distribution of electronic circuit boards for defence, aerospace, industrial products, automobiles, electric vehicles (EVs) and consumer electronics. More than 50 per cent of its workforce comprises women. Recognising the enterprise's growth potential, the Venture Capital Fund for Scheduled Castes extended financial support of Rs4.98 crore in 2018 through venture capital assistance comprising equity and optionally convertible debentures.
The assistance enabled the company to establish its first electronics manufacturing and service-providing unit, procure specialised manufacturing equipment, strengthen research and development capabilities, recruit skilled engineers and technical professionals, and expand operations in defence, aerospace and industrial electronics manufacturing. The support has also facilitated the setting up of a second manufacturing unit in Hyderabad with higher production capacity and enhanced employment opportunities.
The impact of the intervention has been remarkable. Today, the enterprise has generated employment for 128 people, including 40 Scheduled Caste employees and 88 non-SC employees. The company has built assets worth Rs8.41 crore, achieved annual revenue of Rs18.87 crore, and strengthened its net worth to Rs22 crore. It has also established strong business linkages with prestigious organisations such as HAL, BEL, ISRO, and several defence and aerospace sector clients.
Reflecting on the journey, Mr. Mallikharjuna Rao Yelisela said:
"The concessional financial support extended through Venture Capital Fund for Scheduled Castes (VCF-SC), Ministry of Social Justice & Empowerment, served as a catalyst to establish advanced electronics manufacturing capabilities for defence, aerospace and industrial applications. Today, Smart-Waves Technologies proudly contributes to India's technological self-reliance while generating high-quality employment opportunities and fostering innovation-driven growth."
Electronics Manufacturing, Embedded Systems & Defence Electronics
The success of Smart-Waves Technologies Private Limited demonstrates how targeted financial support under the Venture Capital Fund for Scheduled Castes is enabling Scheduled Caste entrepreneurs to establish technology-driven manufacturing enterprises, generate quality employment and contribute to India's vision of self-reliance in strategic sectors. By fostering entrepreneurship and promoting inclusive industrial development, the Ministry of Social Justice and Empowerment continues to empower innovators and create sustainable livelihoods across the country.
