SIDBI panel sanctions Rs 300 cr for start-ups

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SME Times News Bureau | 27 Feb, 2017
An expert committee set up by industrial development bank SIDBI has sanctioned Rs 300 crore to fund managers who would invest in start-ups, taking the total sanctions so far this fiscal to over Rs 1,100 crore, the government said on Sunday.

"In its 7th meeting on the February 11, 2017 VCIC examined requests from 11 fund managers and cleared for sanction requests from 9 Funds aggregating Rs. 300 crores," a PIB release said on Sunday.

During FY 15 and 16 sanctions were made to 11 funds (Rs. 314 crores) and 16 funds (Rs. 607 crores) respectively while the number during the current FY has already crossed Rs. 1112 crores to 30 funds.

Government had announced establishment of Rs. 10,000 crore fund of funds to support AIFs who invest in start-ups.

An amount of Rs. 500 crore has been released so far to SIDBI which is managing the programme.

SIDBI is also operating various other fund of fund programmes investing in MSMEs and start-ups, including India Aspiration Fund (IAF) launched formally by the Finance Minister in August 2015.

ASPIRE Fund focused on agricultural and rural enterprises launched for MSME last year and Rs. 200 crore on behalf of LIC.

SIDBI as manager of these Funds has constituted with the consent of the Government, a Venture Capital Investment Committee (VCIC) which includes external experts viz. Mohandas Pai, Sanjeev Bikchandani, Saurabh Srivastava, H.K.Mittal, Prof. Vaidyanathan, Kiran Karnik.