Commit Rs 1600 crore more from Fund of Funds: DIPP to Sidbi

NEW DELHI: The Department of Industrial Policy and Promotion (DIPP) has ordained the Small Industries Development Bank of India (Sidbi) to commit Rs 1,600 crore in additional funds from the government’s Rs 10,000 crore Fund of Funds scheme launched under the Startup India Action Plan in 2016.

DIPP Secretary Ramesh Abhishek tweeted on Saturday: “Great! @DIPPGOI has conveyed to @sidbiofficial that they can commit Rs 1,600 cr more from FFS by March. This will take total committed amount to Rs 2,200 cr plus. These will go a long way in supporting venture funding in India.”

The tweet came in response to a tweet by Sidbi stating that it has committed Rs 200 crore under the Fund of Funds Scheme to three AIFs namely Bharat Innovation Fund, JM Financial Fund II and North Eastern Venture Fund.


Earlier, Sidbi had backed funds such as Pi Ventures, Unicorn India Ventures Fund I, Ankur Capital Stellaris Fund, Menterra Social Impact Fund I and Endiya Seed Co-Creation Fund besides others.

Sidbi’s funding to domestic venture capital funds is on the rise.

As per an ET report published earlier, the total number of sanctions to multiple venture capital funds from Sidbi stood upwards of 37 in FY17, an increase over 11 sanctions in FY15. Also, capital to funds from Sidbi have increased from Rs 314.4 crore in FY 2015, to upwards of Rs 1,202.5 crore in FY17.