Rs 1,000 crore has been sanctioned to 30 venture funds, by The Small Industries Development Bank of India. The funds have been sanctioned through India Aspiration Fund which is also managed by the Government.
The proposals which have been sanctioned include from IvyCap Ventures, Blume Ventures and Exfinity Venture Partners. These funds will receive about 15% to 20% of SIDBI’s total investment in startups.
Recently, SIDBI had also signed an MoU with Life Insurance Corporation of India, according to which it will contribute 10% of the fund as a co-investor.
It will take at least 12 to 18 months for the startups to receive the funds.