UP Startup fund was established under the “UP IT & Startup policy 2017” with an initial corpus of INR 1000 Crore for the promotion, establishment and flourishing of startups in Uttar Pradesh. The fund is in the form of Fund of Funds which states that, the fund is not directly investing into startup companies, rather it is participating in SEBI approved funds. The fund is professionally being managed by the fund managers of SIDBI.
SIDBI has been carrying out Fund of Funds operations since 1995 by contributing to the corpus of various MSME focused Venture Capital Funds and has developed competence in carrying out Fund of Funds operations over the years.
Uttar Pradesh Government’s UP Startup Fund is the very first State Fund to be operationalized. Hon. CM Shri Yogi Aditya Nath personally handed over a cheque of INR 15 crore to the Shri Mohammad Mustafa, CMD of SIDBI as the first contribution to the Fund’s corpus.
Following requirements must be met by the startups for UP Startup fund to invest in them: