NEW DELHI As many as 254 startups have received investment to the tune of over Rs 1,700 crore from the (AIF) and the central government has also set up a Fund of Funds for Startups (FFS) with corpus of Rs 10,000 crore, Commerce Minister Piyush Goyal said on Wednesday.
Goyal said in Lok Sabha that the FFS with corpus of Rs 10,000 crore will meet the funding needs of startups.
He said the Department for Promotion of Industry and Internal Trade is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.
“The total corpus of Rs 10,000 crore is envisaged to be provided over the 14th and 15th Finance Commission cycles based on progress of the scheme and availability of funds. As on July 10, 2019, the SIDBI has committed Rs 3123.20 crore to 47 SEBI registered Alternative Investment Funds (AIFs),” he said.
The minister said these funds have raised a corpus fund of Rs 25,728 crore.
“Further, the AIFs have invested a total of Rs 1,701.03 crore into 254 startups out of which Rs 512.57 crore have been drawn from Fund of Funds for Startups,” he said.
Be Part of Quality Journalism
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.