New Delhi(PTI): India will contribute $500,000 (Rs 3.32 crore) to a UN rapid response funding…
NEW DELHI(PTI): Small Industries Development Bank of India (Sidbi), which has given financial support to over 500 new entities, on Friday said it will further ramp up its capacity for Start-up India movement.
The bank is very active in supporting and promoting the entire startup ecosystem for making it more healthy, robust and strong, which is very crucial in fuelling India’s economic growth trajectory, Sidbi Chairman and Managing Director Kshatrapati Shivaji told.
“As a part of this exercise, Sidbi is also in the process of providing a collaborative engagement web-based platform, which will not only provide single window availability of information but also enable digitised flow of information across all the stakeholders in the ecosystem viz. angel networks, incubation centres, venture funds, mentors and industry bodies,” he said.
Prime Minister Narendra Modi will unveil the action plan of the Startup India scheme to encourage innovation and young entrepreneurs on Saturday.
Sidbi, in the last 15 years, has financially supported over 534 companies through its venture capital subsidiary and various other initiatives for startups.
It established a wholly-owned subsidiary SIDBI Venture Capital way back in 1999 through which it invested in more than 90 early and growth stage enterprises from diverse sectors. Its venture capital arm presently manages five venture capital funds with an aggregate corpus of Rs 1,500 crore. Some of the successful startups assisted by the fund include Bill Desk.com, Manthan Systems etc.
To continue with its support to the startups through Fund of Fund operations, India Aspiration Fund (IAF), with a corpus of Rs 2,000 crore was launched by the Finance Minister in August 2015 to enhance the equity availability to Micro, Small and Medium Enterprises (MSMEs).
In a short time, an amount of Rs 1,126 crore has already been recommended for sanction to 31 Venture Capital Funds (VCFs) out of which formal sanction has already been communicated to 18 Venture Capital Funds for Rs 506 crore.
Sidbi has so far supported 88 Venture Capital Funds with an aggregate commitment of Rs 2,211 crore. These venture funds have invested in 612 enterprises with an equity support of Rs 9,600 crore, of which Rs 4,339 crore were invested in 531 MSMEs.