SIDBI committed Rs 3123.2 cr to 49 alternative investment funds to boost startups: Govt

New Delhi: Small Industries Development Bank of India (SIDBI) has committed Rs 3,123.2 crore to 49 SEBI registered Alternative Investment Funds (AIFs), who in turn have invested Rs 1,625.73 crore into 247 startups, commerce and industry minister Piyush Goyal said on Friday.

The government has envisaged a Fund of Funds for Startups (FFS) with a corpus of Rs 10,000 crore over the 14th and 15th Finance Commission cycles based on progress of the scheme and availability of funds, to meet the funding needs of startups. Department for Promotion of Industry and Internal Trade (DPIIT) is the monitoring agency and SIDBI is the operating agency for FFS.

The minister told the Rayja Sabha in a written reply that Rs 483.46 crore have been drawn from FoF for startups.

DPIIT has recognised 19,351 startups since 2016.

Among states, Maharashtra ranks on top with 3,661 startups recognised by the government followed by Karnataka with 2,847, New Delhi with 2,552 and Uttar Pradesh by 1,566.

A total of 26 states have notified and operational startup policies, he said.

Under the FoF, AIFs have invested Rs 499.85 crore in 75 startups in Karnataka, Rs 440.38 crore in 68 start ups in Maharashtra and Rs 252.94 crore in 46 startups in Delhi.