Maharashtra Announces Rs 100 Cr Startup Fund In Collaboration With SIDBI
Updated: Jan 17, 2025 01:59:58pm

Maharashtra Announces Rs 100 Cr Startup Fund In Collaboration With SIDBI
Mumbai, Jan 17 (KNN) Maharashtra Chief Minister Devendra Fadnavis announced a significant expansion of startup funding access through a new Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) on Thursday.
The agreement establishes a Rs 100 crore fund, with Rs 30 crore allocated to each divisional centre, marking a shift from the previous Mumbai-centric fund management approach.
The announcement came during the National Startup Day program organised by Maharashtra State Innovation Society in Mumbai, which attracted 1,000 startups from diverse sectors including technology, agriculture, service industries, pharmaceuticals, and tourism.
The event, themed 'Empowering Innovation, Elevating Maharashtra,' showcased the state's commitment to entrepreneurial development.
Highlighting Maharashtra's pioneering role in startup development, Fadnavis noted that the state was the first to implement its own startup policy.
He particularly emphasised the success of the state's fund of funds initiative in the defence sector, which has supported over 300 Micro, Small, and Medium Enterprises (MSMEs) and startups in defence manufacturing.
The Chief Minister also stressed the importance of expanding the startup revolution to tier 2 and tier 3 cities, acknowledging that many successful entrepreneurs emerge from these smaller urban centers.
(KNN Bureau)