Getty ImagesWith an aim to improve the turnaround time and increase transparency, Small Industries Development Bank of India (SIDBI), has introduced a web-based application system for contribution from Fund of Funds for Startups (FFS). Applications for contribution from various Alternative Investment Funds (AIFs) will now be accepted online and the status of the same shall be accessible to applicants.
The provision of submission of online application will be on the home page of SIDBI. To begin with the application process, the AIF should create an account, fill in the details and submit the application form online along with the required supporting documents.
Mohammad Mustafa, Chairman and Managing Director of SIDBI, in a statemenet, said, “With this introduction, a lot of administrative work is expected to be reduced and it will smoothen the entire process.”
SIDBI is the implementing agency for FFS with a corpus of Rs 10,000 crore on behalf of the Government of India. SIDBI has also undertaken various development initiatives to build a vibrant startups ecosystem. Next month SIDBI will be celebrating Investors Day to support startups seeking funding via venture capital route.
The provision of submission of online application will be on the home page of SIDBI. To begin with the application process, the AIF should create an account, fill in the details and submit the application form online along with the required supporting documents.
Mohammad Mustafa, Chairman and Managing Director of SIDBI, in a statemenet, said, “With this introduction, a lot of administrative work is expected to be reduced and it will smoothen the entire process.”
SIDBI is the implementing agency for FFS with a corpus of Rs 10,000 crore on behalf of the Government of India. SIDBI has also undertaken various development initiatives to build a vibrant startups ecosystem. Next month SIDBI will be celebrating Investors Day to support startups seeking funding via venture capital route.
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