[ad_1]
The Fund of Funds for startups, launched in 2016, has dedicated Rs 7,385 crore to 88 various funding funds (AIFs) as of September 24 this yr, the commerce and business ministry stated on Monday.
These AIFs in flip have invested Rs 11,206 crore in 720 startups, it stated.
The Fund of Funds (FFS) initiative has been enjoying a significant function in mobilising home capital within the Indian startup ecosystem., it added.
FFS was introduced with a corpus of Rs 10,000 crore. The corpus is to be constructed up over the 14th and fifteenth Finance Fee Cycles (2016-2020 and FY 2021-2025) via budgetary assist by the Division for Promotion of Business and Inside Commerce (DPIIT), underneath the ministry.
Underneath FFS, assist is prolonged to SEBI-registered AIFs, which in flip spend money on startups.
“FFS has not solely made capital obtainable for startups at early stage, seed stage and progress stage but in addition performed a catalytic function in facilitating elevating of home capital, lowering dependence on international capital and inspiring house grown and new enterprise capital funds,” it added.
Collectively, the AIFs supported by FFS have a goal corpus of over Rs 48,000 crore.
“Performing startups supported via FFS are exhibiting valuation improve by greater than 10 occasions with numerous them even reaching unicorn standing (valuation of over USD 1 billion). Dunzo, CureFit, FreshToHome, Jumbotail, Unacademy, Uniphore, Vogo, Zostel,Zetwerk and many others., are among the notable startups funded via FFS,” it stated.
Among the many outstanding AIFs of main startup funding companies supported underneath FFS are Chiratae Ventures, India Quotient, Blume Ventures, IvyCap, Waterbridge, Omnivore, Aavishkaar, JM Monetary, and Fireplace Ventures.
It added that the quantity dedicated underneath FFS has seen a notable progress over time, recording a CAGR of over 21 per cent for the reason that launch of the scheme.
Additional, the Small Industries Improvement Financial institution of India (SIDBI), which is chargeable for operationalising the scheme, has undertaken a collection of reforms lately to allow AIFs assisted underneath FFS to avail accelerated drawdowns.
“This has created a optimistic affect and has resulted in a yr on yr (Q1 FY 2021-22 vis-?-vis Q1 FY 2022-23) surge of 100 per cent within the quantity of drawdowns,” the ministry stated.
FFS has helped anchor 67 AIFs out of 88 AIFs supported and 38 of those are first time fund managers, which is line with FFS’s core goal of anchoring enterprise capital investments for Indian startups, it stated.
[ad_2]
Source link
