Economy

Modi govt sanctions Rs 7,300 crore for big push to startups

An amount of Rs 7,385 crore has been so far committed to 88 Alternative Investment Funds (AIFs) by the Fund of Funds for Startups (FFS), launched under the Startup India umbrella in 2016 by Prime Minuster Narendra Modi. FFS was announced with a corpus of Rs. 10,000 crore.

According to an official statement, these AIFs in turn have invested Rs 11,206 crore in 720 startups. The FFS has been playing a monumental role in mobilizing domestic capital in Indian startup ecosystem.

FFS has not only made capital available for startups at early stage, seed stage and growth stage but also played a catalytic role in terms of facilitating raising of domestic capital, reducing dependence on foreign capital and encouraging home grown and new venture capital funds.

Under FFS, support is extended to SEBI registered Alternative Investment Funds (AIFs), which in turn invest in startups.

Collectively, the AIFs supported by FFS have a target corpus of over Rs 48,000 crore. Among the prominent AIFs of leading startup investment firms supported under FFS are Chiratae Ventures, India Quotient, Blume Ventures, IvyCap, Waterbridge, Omnivore, Aavishkaar, JM Financial, Fireside Ventures, among others, the statement said.

India has the third largest startup ecosystem in the world. According to Invest India, India is now home to 81 unicorns – startups with over $1 billion. Out of the total number of unicorns, 44 unicorns with a total valuation of $ 89.17 billion were born in 2021.

Also read: Softbank boss Masayoshi Son supports Unicorns, says India’s future is bright

IN Bureau

Recent Posts

India should be branded as a ‘Responsible Capitalist’ nation: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has called for branding India as a "Responsible Capitalist" nation, emphasizing…

41 minutes ago

Taiwan reports hike in Chinese military activity

Taiwan's Ministry of National Defence (MND) reported Chinese military activity on Saturday and detected 25…

48 minutes ago

VINBAX 2024: Vietnam-India bilateral army exercise concludes at Kaushalya Dam

The fifth edition of the historic Indo-Vietnam Joint Field Training Exercise, VINBAX-2024, successfully concluded its…

17 hours ago

India-Russia strengthen defence ties at 22nd Working Group meeting on military technical cooperation

The 22nd meeting of the India-Russia Working Group on Military technical cooperation and defence industry…

17 hours ago

“I want to have strong representation of India at World Nuclear Exhibition 2025”: Sylvie Bermann

Sylvie Bermann, President of the World Nuclear Exhibition expressed confidence in India's nuclear supply chain…

19 hours ago

PoJK: Joint Awami Action Committee protests against government following new ordinance, many injured

Joint Awami Action Committee core member Shaukat Nawaz Mir has condemned the attack of police…

19 hours ago