Business Companies 24 Jul 2019 254 startups get Rs ...

254 startups get Rs 1,700 cr investment from Alternative Investment Funds

PTI
Published Jul 24, 2019, 2:40 pm IST
Updated Jul 24, 2019, 2:45 pm IST
Commerce Minister Piyush Goyal said these funds have raised a corpus fund of Rs 25,728 crore.
Goyal said in Lok Sabha that the FFS with corpus of Rs 10,000 crore will meet the funding needs of startups. (Photo: Representational)
 Goyal said in Lok Sabha that the FFS with corpus of Rs 10,000 crore will meet the funding needs of startups. (Photo: Representational)

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.

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Location: India, Delhi, New Delhi




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