This study aims to assess the state of risk capital finance to the MSME sector in India. It focuses on analyzing the forms, sources and availability of risk capital products, such as equity, venture debt and unsecured debt to the sector. It estimates the gap in the demand and supply of risk capital to the sector, with a focus on equity capital (in the form of private equity, venture capital and angel investments). It also assesses the relevant enabling environment and supporting policy infrastructure, and in conclusion, provides recommendations and potential interventions to mitigate the demand-supply gap in MSME risk capital financing. (This Report is based on analysis of research and available demand and supply data from 2017).