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12/12/2019 04:55pm

Maharashtra tops in job creation under DPIIT recognised startups

image Maharashtra tops in job creation under DPIIT recognised startups

New Delhi, Dec 12 (KNN) Commerce and Industry Minister Piyush Goyal has informed Lok Sabha that 2,85,890 jobs are reported by 23,657 DPIIT recognized start-ups, as on December 4, 2019.

The highest of 52,847 were reported in Maharashtra followed by Karnataka.

As on November 21, 2019, SIDBI has committed Rs 3123.20 crore to 47 SEBI registered Alternative Investment Funds (AIFs). These funds have raised a corpus fund of Rs 25,728 Crore.

“Rs 695.94 crore have been drawn from the Fund of Funds for start-ups while Rs 2,669.83 crore have been invested into 279 startups,” he said on Wednesday.

The Fund of Funds for Startups (FFS) was approved by the Cabinet and established by Department for Promotion of Industry and Internal Trade (DPIIT) in June 2016 with a corpus of Rs 10,000 crore to provide a much needed boost to the Indian startup ecosystem and enable access to domestic capital.

The objectives of Fund of Funds include accelerating innovation driven entrepreneurship and business creation, mobilizing larger equity-like resources for startups.

The Fund of Funds does not directly invest in start-ups but provides capital to SEBI-registered Alternate Investment Funds (AIFs), known as daughter funds, who in turn invest money in growing Indian startups through equity and equity-linked instruments.

SIDBI has been given the mandate of managing this Fund through selection of suitable daughter funds and overseeing the disbursal of committed capital.

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