Startup India: Under Modi’s Pet Scheme, Number Of Funded Startups Increased This Much In Eight Months

According to the Startup India portal, 29,681 startups have been registered with the DPIIT so far. This has more than tripled from 8,939 startups registered till March 2018.

The number of startups funded by Securities and Exchange Board of India (SEBI) registered 47 alternative investment funds (AIF) through Rs 10,000 crore Fund of Funds for Startups (FFS) has increased from 247 as on June 24, 2019, to 320 as on February 18, 2020 — 29.5 per cent growth, according to the data shared by the Commerce Minister Piyush Goyal in the Lok Sabha on Wednesday. FFS launched by the Prime Minister Narendra Modi in 2016 under the Startup India programme has so far committed Rs 3,123.20 crore (same since last year) to the 47 AIFs.

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These 47 funds have raised a corpus fund of Rs 25,728 crore and have invested Rs 3,378.47 crore in these 320 startups, as per Goyal. Out of the amount invested, Rs 912.91 crores have been drawn from FFS. SIDBI is the operating body for the fund while DPIIT is the monitoring authority. Importantly, the Rs 10,000 crore corpus is expected to be raised during the 14th finance commission cycle and the following 15th cycle. However, it also depends on how the fund progresses and funds availability.

Source: Financial Express

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