Centre commits ₹7,385 cr to 88 AIFs under Startup India Investment

The Funds of Funds launched beneath the Startup India Initiative in 2016 by Prime Minister Narendra Modi, has dedicated 7,385 crore to 88 Different Funding Funds (AIFs) as of September 24 this 12 months, in accordance with the Ministry of Commerce and Business.

The ministry additionally acknowledged that these AIFs have additionally invested 11,206 crore in 720 startups. FFS was introduced with a corpus of 10,000 crore, has been taking part in a monumental function in mobilizing home capital within the Indian startup ecosystem.

In an official assertion, the Commerce Ministry stated, “The corpus quantity is to be constructed up over the 14th and fifteenth Finance Fee Cycles (FY 2016-2020 and FY 2021-2025) by budgetary assist by the Division for Promotion of Business and Inside Commerce (DPIIT).

The assist has been prolonged to SEBI-registered AIFs beneath FFS which has not solely made capital out there for startups on the early stage, seed stage, and development stage but additionally performed a catalytic function when it comes to facilitating the elevating of home capital, lowering dependence on overseas capital, and inspiring home-grown and new enterprise capital funds.

It additional stated that Dunzo, CureFit, FreshToHome, Jumbotail, Unacademy, Vogo, ZosTEL, Zetwerk, and so forth are among the notable startups funded by FFS.

Alternatively, Chiratae Ventures, India Quotient, Blume Ventures, IvyCap, Waterbridge, Omnivore, Aavishkaar, JM Monetary, and Fireplace Ventures, are among the many distinguished AIFs of main startup funding corporations supported beneath FFS. The AIFs supported by FFS have a corpus goal of greater than 48,000 crore.

In accordance with the ministry, the quantity dedicated beneath FFS has seen notable development through the years recording a CAGR of over 21% because the launch of the scheme.

FFS has helped anchor 67 AIFs out of 88 AIFs supported and 38 of those are first-time fund managers which is according to FFS’s core goal of anchoring enterprise capital investments for Indian startups, it added.

The returns generated from the success of those startups and the innovation created will stay throughout the nation and facilitate the era of employment and the creation of wealth.

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