STPI to get into angel funding for IT, electronics start-ups

Software Technology Parks of India (STPI) is planning to float a special purpose vehicle (SPV) to provide angel funding to IT and electronics start-ups in the country with the help of financial institutions.

The STPI, the single-window facility for software exporters from the country, has been changing its focus since the last few years, after the income tax benefits elapsed in 2011 and even as more software companies moved to special economic zones.

Speaking on the sidelines of CII Connect, Omkar Rai, STPI Director General, said: “We are planning to become an angel funding facilitator, for which a proposal has been submitted to the government. It should materialise within March, 2017.”

Source: The Financial Express