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Launched in 2016 by government of India, the Rs 10,000 crore startup fund is set to get further boost with ₹ 3,000 crore (~ US$430 million approx ) in financing lined up, reported Economic Times citing people with knowledge of the matter.

Besides this, an additional ₹ 16,680 crore i.e. over US$1 billion of funding commitments from long-term partners are being secured in order to help accelerate deployment to startups.

Managed by Small Industries Development Bank of India (Sidbi), the Startup Fund-of-Funds makes downstream investments in venture capital (VC) and alternative investment funds (AIF) that in turn invest in startups across various segments.

According the report, these VC funds have managed to raise commitments of over Rs 9,000 crore and the final close could be as much as Rs 16,680 crore.

According to the latest government data, these VC funds have investments in 240 start-up ventures.

Recently, the government made changes to widene the scope of definition of startups, making more entities eligible under the framework and now the government is expecting that these changes would further fuel funding requirements.

In July last year, SIDBI committed Rs 200 crore under the Government of India’s Fund of Funds Scheme (FFS) to 4 AIFs — Omnivore Partners India Fund 2, TVS Shriram Growth Fund 3, IQ Alpha III, and Capaleph Indian Millennium SME Fund.

Sidbi had also committed Rs 200 crore under the scheme to three AIFs namely Bharat Innovation Fund, JM Financial Fund II and North Eastern Venture Fund in January this year. Earlier, Sidbi had backed funds such as Pi Ventures, Unicorn India Ventures Fund I, Ankur Capital Stellaris Fund, Menterra Social Impact Fund I and Endiya Seed Co-Creation Fund besides others.

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Vardaan
Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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