The Indian government’s support through various schemes has been instrumental in boosting the country’s venture capital industry, according to investor and Info Edge Founder Sanjeev Bikhchandani. One key initiative, the ‘Fund of Funds for Startups’ by SIDBI, aims to provide financial assistance to small enterprises and startups.
Bikhchandani emphasized the government’s role in nurturing the domestic startup ecosystem, citing programs like ‘Startup India’ and other initiatives. He highlighted the significance of SIDBI’s ‘Fund of Funds’ in catalyzing the Indian VC industry, enabling startups to thrive with local capital.
SIDBI’s FFS scheme has facilitated investments totaling Rs 17,534 crore in 938 startups as of November 30, 2023. The scheme has also supported startups in emerging sectors such as deep tech, agriculture, health tech, and financial services, contributing to the growth of the entrepreneurial landscape in India.
According to the Department of Economic Affairs, the 1.14 lakh startups recognized under ‘Startup India’ have created over 12 lakh jobs as of October 2023. This reflects the positive impact of government support in fostering innovation and employment opportunities in the startup sector, driving economic growth in the country.
