SIDBI FFS news coverage

In an attempt to boost entrepreneurship, the Department of Industrial Policy and Promotion (DIPP) has already disbursed $79.7 Mn (INR 517.92 Cr) under its Fund of Funds for Startups (FFS) initiative to more than 100 startups of India, Minister of State for Commerce and Industry CR Chaudhary reportedly said in a written reply to the Lok Sabha.

“The 109 startups have received funding under FFS with a catalysed investment of $79.7 Mn (INR 517.92 Cr),” the minister pointed out.

The Minister further claimed in the same report that an amount of $76.9 Mn (INR 500 Cr) has been released to SIDBI in FY16 and $15.3 Mn (INR 100 Cr) in FY17.

“Currently, the total commitment under FFS stand at $161.7 Mn (INR 1050.7 Cr) to 24 Alternate Investment Funds (AIFs), while a decline in a fund by AIFs is $18.9 Mn (INR 122.86 Cr),” he added.

The Minister further stated that over 768 applications have received rebates of up to 80% on patent fees and have also received legal assistance for the same.