Rs 10,000 crore fund of funds scheme for startups announced

Finance Minister Nirmala Sitharaman on Saturday announced another round of Fund of Funds for Startups scheme with a corpus of Rs 10,000 crore to promote growth of budding entrepreneurs.

- An action plan for Startup India was unveiled on January 16, 2016.

- In the same year, Fund of Funds for Startups (FFS) scheme was launched with a corpus of Rs 10,000 crore, to meet the funding needs of startups.

- The total corpus of Rs 10,000 crore was envisaged to be provided over the 14th and 15th Finance Commission cycles based on progress of the scheme and availability of funds.

- It has not only made capital available for startups at early stage, seed stage and growth stage but also played a catalytic role in terms of facilitating raising domestic capital, reducing dependence on foreign capital and encouraging home- grown and new venture capital funds.