SIDBI to invest Rs 428 cr in startups, picks eight ventures

SIDBI to invest Rs 428 cr in startups, picks eight ventures

The Small Industries Development Bank of India (SIDBI) has picked eight venture funds to put resources into new businesses as characterized under the Startup India Action Plan and will bolster them with a corpus measure of Rs 428 crore.

SIDBI’s Venture Capital Investment Committee (VCIC), which includes previous Infosys CFO Mohandas Pai, previous Nasscom boss Kiran Karnik, and Indian Angel Network originator Saurabh Srivastava among others, had screened 13 recommendations from VC reserves on Tuesday.

The panel suggested 8 recommendations for a total corpus backing of around Rs 428 crore from the Fund of Funds for Startups as reported by PM Modi recently and cleared by the bureau a month ago. The aggregate focused on corpus of these eight funds is Rs 3,130 crore.

Be that as it may, subsequent to the last blessing has not yet been given, SIDBI did not share the names of these shortlisted stores. SIDBI has officially authorized Rs 168 crore to six such subsidizes while six recommendations are under various phases of preparing for a total backing of Rs 271 crore.

While the selected funds still have to be given the final approval by SIDBI’s executive board, for all purposes, these eight will receive the fund support from SIDBI, an official said, citing that rejections after this stage were rare.

The six subsidizes that have officially gotten support from SIDBI to put resources into new companies are — GVFL, Kae Capital, Orios Venture Partners, Ideaspring Capital, Parampara Early Stage Opportunities Fund and the IFCI Venture Capital Fund’s funds for SME advantage.

News Source: Economic Times

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