NEW DELHI: A significant part of the Rs 10,000 crore second fund of funds for startups is proposed to be reserved for seed funding of smaller players to support deep-tech innovation, commerce and industry minister Piyush Goyal said Saturday.
The fund is to be set up by Sidbi, the govt-owned financial institution, and an allocation of Rs 2,000 crore will be disbursed during the year. The second fund of funds was announced in the Budget.
Addressing the Startup Mahakumbh, Goyal also announced the setting up of a dedicated Startup India desk within his ministry to serve as a helpline for budding entrepreneurs across India, accessible through a simple four-digit toll-free number in regional languages.
“We aim to foster development of cutting-edge technologies like AI, robotics, quantum computing, machine learning, precision manufacturing and biotech,” Goyal said. The objective is to provide early-stage support to entrepreneurs who face challenges in accessing traditional forms of capital.
By mobilising patient capital, govt aims to build a strong pipeline of indigenous technology solutions that can address national priorities and position India as a global innovation leader, Goyal said. He also asked SIDBI to establish at least one support centre in every state to provide basic infrastructure and shared facilities for early-stage entrepreneurs.
