DIPP seeks fresh infusion of startup funds

In a move to invest into more innovative startups, Department of Industrial Policy and Promotions ( DIPP ), which manages government FoF, seeks a fresh infusion of Rs 1600 crore into its kitty. This could meet supplementary demand for grants. “Considering the fund has to be spent over the next nine years, per year, the allocation should be Rs 1100 crore. We are hoping to receive funds in the supplementary budget,” a senior government official told ‘The Economic Times.’  As of now, FoF has committed Rs 623 crore to 17 alternate investment funds (AIFs) set up under it. Further, these AIFs invested in 62 startups as on March 2017.

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