New Delhi, July 16 (KNN) With an aim to improve the turnaround time and increase transparency, Small Industries Development Bank of India (SIDBI), has introduced web-based application system for contribution from the Fund of Funds for Startups (FFS).

Applications for contribution from various Alternative Investment Funds (AIFs) will now be accepted online and the status of the same shall be accessible to applicants, said the official release.

To begin with the application process, the AIF should create an account, fill in the details and submit the application form online along with the required supporting documents, it added.

The provision of submission of online application shall be on the home page of SIDBI (https://www.sidbi.in/).

 Chairman and Managing Director of SIDBI, Mohammad Mustafa said, "With this introduction, a lot of administrative work is expected to be reduced and it will smoothen the entire process. SIDBI is the implementing agency for FFS with a corpus of RsAnchor 10,000 crore on behalf of Government of India”.

 SIDBI has also undertaken various development initiatives to build a vibrant startups ecosystem. Next month SIDBI will be celebrating Investors Day to support startups seeking funding via venture capital route.

While FFS would address these issues and enable the flow of assistance to innovative startups through their journey to be fully-fledged business entities. Contribution of Government to the target corpus of the individual fund as an investor would encourage greater participation of private capital and thus help leverage mobilization of larger resources.

The Union Cabinet, led by the Prime Minister Narendra Modi, has approved the establishment of FFS at SIDBI. This was introduced With the Startup India Action Plan unveiled by Government in January 2016.