The Small Industries Development Bank of India (Sidbi) will review ten proposals from alternative investment funds in order to seek Rs 675 crore from the Fund of Funds for Startups (FFS). On Tuesday, the Venture Capital Investment Committee of Sidbi will place the recommendations for the ten proposals before the Sidbi board.
Sidbi’s Venture Capital Investment Committee comprises Harkesh Mittal, head of National Science & Technology Entrepreneurship Development Board; former Nasscom chief Kiran Karnik; R Vaidyanathan, professor at IIM Bangalore;and Sanjiv Bikchandani, founder of Naukri.com, Infosys CFO Mohandas Pai and Indian Angel Network founder Saurabh Srivastava
The Fund of Funds for Startups is a fund of Rs 10,000 crore that was announced by Prime Minister Narendra Modi, as a part of the Startup India Action Plan at the beginning of 2016. FFS has released Rs 500 crore in the financial year 2016 and Rs 600 crore has been scheduled for release in year 2017.
SIDBI has already committed Rs 168 crore so far to six alternative investment funds from the Rs 500 crore provided for the FFS in 2015-16. Until date Sidbi has backed 47 funds that were specifically targeted at the startup sector.
Source: Economic Times
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