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Indian government invests 2.6K crore rupees in 279 startups

Dec 5, 2019 by The Passage Team
Indian government invests 2.6K crore rupees in 279 startups

Commerce minister Piyush Goyal revealed during the Lok Sabha session that the government has invested 2,669.83 crore rupees in 279 startups.

The fund is managed by Small Industries Development Bank of India (SIBDI). The funds were supposed to be deployed over the 14th and 15th Finance Commission cycle.

From the rest of the amount, SIDBI has released 700 crore rupees and committed 3,123 crore to 47 AIF, while 695.94 crore rupees has been withdrawn from FFS. To make the investment procedure simpler for the startups and the government, FFS fund also went digital in July 2019 through a web-based application, where startups can apply to be considered for funding.

Goyal said the government has already recognised 24,921 startups since the launch of PM Modi’s flagship Startup India scheme, launched in 2016. In addition, various central government’s departments and large businesses have also organised over 175 innovations hunts and programmes, through the Startup Indian portal.

Source: Inc42

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The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.

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