A corpus of Rs 10,000 crore has been established in order to meet the funding requirements of startups, the government said on Friday. Also Read - Microsoft Ready to Help Indian Startups Grow Globally: Anant Maheshwari
The Fund of Funds (FFS) is anticipated to be given over the 14th and 15th Finance Commission cycles based on the progress of the scheme and availability of funds, an official statement said. Also Read - Working with tax department, regulators to ease rules for startups: DIPP Secy
The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 19,351 startups across the country till June 24, 2019. Also Read - Govt has eased norms, provided funds to promote startups: PM
DPIIT is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.
“SIDBI has committed Rs 3,123.20 crore to 49 SEBI registered Alternative Investment Funds (AIFs). These funds have raised a corpus fund of Rs 27,478 crore,” the statement said.
Adding that “Rs 483.46 crore has been drawn from Fund of Funds for Startups. Further, the AIFs have invested a total of Rs 1,625.73 crore into 247 startups”.