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

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

“FFS has been taking part in a monumental position in mobilizing home capital in Indian startup ecosystem,” the commerce and trade ministry stated in a press release.

Dunzo, CureFit, FreshToHome, Jumbotail, Unacademy, Uniphore, Vogo, Zostel and Zetwerk are a number of the notable startups funded via FFS, in line with the assertion.

“Collectively, the AIFs supported by FFS have a goal corpus of over Rs 48,000 crore,” the ministry stated, including that Chiratae Ventures, India Quotient, Blume Ventures, IvyCap, Waterbridge, Omnivore, Aavishkaar, JM Financial, and Fireplace Ventures, are among the many distinguished AIFs of main startup funding corporations supported below FFS.

The quantity dedicated below FFS has grown at a CAGR of over 21% in because the launch of the scheme and there was a 100% surge within the quantities of drawdown within the first quarter of FY23 as in opposition to the yr in the past interval.

As per the assertion, investments into eligible startups is roughly 3.7 instances of FFS disbursements which is nicely above the minimal stipulated two instances below the scheme.

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