Startup FoF commits Rs 7,385 cr to 88 AIFs as of Sept 24: Govt

By Daisy On Sep 26, 2022

The government on Monday said that the Fund of Funds for Startups (FFS), launched under Startup India initiative in 2016 with a corpus of Rs 10,000 crore, has committed Rs 7,385 crore to 88 Alternative Investment Funds (AIFs) as of September 24, 2022. These AIFs in turn have invested Rs 11,206 crore in 720 startups. FFS has helped anchor 67 AIFs out of 88 supported and 38 of these are first time fund managers.

“FFS has been playing a monumental role in mobilizing domestic capital in Indian startup ecosystem,” the commerce and industry ministry said in a statement.

Dunzo, CureFit, FreshToHome, Jumbotail, Unacademy, Uniphore, Vogo, Zostel and Zetwerk are some of the notable startups funded through FFS, according to the statement.

“Collectively, the AIFs supported by FFS have a target corpus of over Rs 48,000 crore,” the ministry said, adding that Chiratae Ventures, India Quotient, Blume Ventures, IvyCap, Waterbridge, Omnivore, Aavishkaar, JM Financial, and Fireside Ventures, are among the prominent AIFs of leading startup investment firms supported under FFS.

The amount committed under FFS has grown at a CAGR of over 21% in since the launch of the scheme and there has been a 100% surge in the amounts of drawdown in the first quarter of FY23 as against the year ago period.

As per the statement, investments into eligible startups is approximately 3.7 times of FFS disbursements which is well above the minimum stipulated two times under the scheme.

Discover the stories of your interest

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

For all the latest Technology News Click Here

Read original article here

Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.