Additional Rs 10,000 crore for new Fund of Funds scheme for startups: Sitharaman

Indian startups raised $6.9 billion across 1,013 venture capital (VC) funding deals in the past 11 months this year. In 2022, startups had raised $20.2 billion in the same period.

After doing away with Angel tax during the last Budget, Finance Minister Nirmala Sitharaman on Saturday announced a new Fund of Funds scheme (FFS) with an expanded scope and a fresh contribution of another Rs 10,000 crore.

“Alternative Investment Funds (AIFs) for startups have received commitments of more that Rs 91,000 crores. These are supported by a fund of funds set up by the Government of India contribution of Rs 10,000 crore. Now a New Fund of Funds scheme with an expanded scope and a fresh contribution of another Rs 10,000 crore will be set up,” Sitharaman said.

Indian startups witnessed a 66 per cent drop in funding in terms of value between January and November 2023, as per report by GlobalData. Indian startups raised $6.9 billion across 1,013 venture capital (VC) funding deals in the past 11 months this year. In 2022, startups had raised $20.2 billion in the same period.

Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, specializing in economic policy and financial regulations. With over five years of experience in business journalism, he provides critical coverage of the frameworks that govern India's commercial landscape. Expertise & Focus Areas: Mishra’s reporting concentrates on the intersection of government policy and market operations. His core beats include: Trade & Commerce: Analysis of India's import-export trends, trade agreements, and commercial policies. Banking & Finance: Covering regulatory changes and policy decisions affecting the banking sector. Professional Experience: Prior to joining The Indian Express, Mishra built a robust portfolio working with some of India's leading financial news organizations. His background includes tenures at: Mint CNBC-TV18 This diverse experience across both print and broadcast media has equipped him with a holistic understanding of financial storytelling and news cycles. Find all stories by Ravi Dutta Mishra here ... Read More

After doing away with Angel tax during the last Budget, Finance Minister Nirmala Sitharaman on Saturday announced a new Fund of Funds scheme (FFS) with an expanded scope and a fresh contribution of another Rs 10,000 crore.

“Alternative Investment Funds (AIFs) for startups have received commitments of more that Rs 91,000 crores. These are supported by a fund of funds set up by the Government of India contribution of Rs 10,000 crore. Now a New Fund of Funds scheme with an expanded scope and a fresh contribution of another Rs 10,000 crore will be set up,” Sitharaman said.

Indian startups witnessed a 66 per cent drop in funding in terms of value between January and November 2023, as per report by GlobalData. Indian startups raised $6.9 billion across 1,013 venture capital (VC) funding deals in the past 11 months this year. In 2022, startups had raised $20.2 billion in the same period.