 "DPIIT holds meeting with AIFs to promote capital mobilisation for startups")
The Department for Promotion of Industry and Internal Trade (DPIIT) is holding a meeting with alternate investment funds (AIFs) here to discuss ways to promote funding for startups in the country, an official said.
The official added that as many as 75 AIFs are expected to participate in the deliberations.
Issues like capital mobilisation and promoting funding for startups in smaller cities will be discussed during the meeting, the official added.
Under the Centre's Fund of Funds Scheme (FFS), support is extended to Sebi-registered AIFs, which in turn invest in startups.
FFS was announced with a corpus of Rs 10,000 crore. The corpus is to be built up over the 14th and 15th Finance Commission Cycles (2016-2020 and 2021-2025) through budgetary support by the DPIIT.
Another official said that these AIFs have committed to invest Rs 80,000 crore in startups and they have already pumped in Rs 20,000 crore so far.
Among the prominent AIFs of leading startup investment firms supported under FFS are Chiratae Ventures, India Quotient, Blume Ventures, IvyCap, Waterbridge, Omnivore, Aavishkaar, JM Financial, and Fireside Ventures.
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