The Union Cabinet, chaired by PM Narendra Modi, approved the establishment of the “Fund of Funds for Startups” (FFS) by the Small Industries Development Bank of India (SIDBI) in June 2016. This fund was sanctioned for contribution to various Alternative Investment Funds (AIF) registered with the …
Tag: H K Mittal
SIDBI expert panel sanctions Rs 1,112 cr to funds for start-ups
An expert committee set up by SIDBI has sanctioned Rs 300 crore to fund managers who would invest in startups, taking the total sanctions so far this fiscal to over Rs 1,100 crore, the government said today. During fiscal year 2014-15 and 2015-16 sanctions were made to 11 funds (Rs 314 crores) an…
SIDBI inks pact with LIC to boost venture capital ecosystem
Small Industries Development Bank of India (SIDBI) said it has tied up with Life Insurance Corporation of India (LIC) for augmenting capital support to enterprises in the country. The idea behind tying up with the state-run insurance behemoth is to give a boost to the venture capital ecosystem fo…
Young entrepreneurs to get more funding from govt
To support young entrepreneurs, the central government will launch ‘special funds’ for those in the 16-21 years and 21-26 years age groups. “It’s on the drawing board. We have accumulated funds worth Rs 9,000 crore under the technology cess category, and we want to use this. We might launch incub…
Government raises fund limits to seed start-ups
The Department of Science and Technology (DST) may invest up to Rs. 1 crore in every fresh start-up that it will seed from the next financial year, Ashutosh Sharma, Secretary, DST said. The DST’s outlay for seeding has been increased four-fold—from Rs. 40 crore to Rs.180 crore—in the coming finan…
New startup policy to boost entrepreneurs
Addressing a ‘Startup Leaders Meet’ organized by FICCI in association with TiE Silicon Valley, United States, there was a need to create an ecosystem for startups where knowledge workers could be converted to knowledge entrepreneurs. The business delegation from TiE Silicon Valley was visiting In…