Credit and Finance for MSMEs: The new portal offers information on commitments made to different funds and money put in startups through these funds.
Credit and Finance for MSMEs: Small Industries Development Bank of India (SIDBI) on Thursday announced the launch of the website exclusively for its Fund of Funds operations including Rs 10,000 crore Fund of Funds for Startups (FFS), Rs 310 crore Aspire Fund investing in startups and small businesses, and Rs 2,000 crore India Aspiration Fund for investment again in startup and MSMEs. “Apart from providing a detailed overview of the three funds managed by SIDBI, the portal allows investors to submit new applications while existing investors can update their portfolio and undertake drawdown for funds as well,” SIDBI said in a statement. The total corpus under management by SIDBI stood at Rs 13,600 crore.
The portal offers information on commitments made to different funds and money put in startups through these funds. “We are looking at transforming our business operations through technology and incorporate industry best practices in the way we interact and work with various stakeholders in the ecosystem. This website will be a compendium of all our Fund of Funds activities and will help reduce paperwork tremendously going forward,” said Mohammad Mustafa, Chairman and Managing Director, SIDBI.
The FFS set up by the Prime Minister Narendra Modi government in 2016, to be deployed over the 14th and 15th Finance Commission cycles, had invested Rs 2,669.83 crore in 279 startups, Commerce minister Piyush Goyal had said in the Lok Sabha on December 4, 2019. While Rs 700 crore has been released so far, SIDBI has committed Rs 3,123.20 crore to 47 AIFs while Rs 695.94 crore has been drawn from the FFS. The government, in order to support women entrepreneurship, had announced putting aside 10 per cent of the FFS reserved for women-led startups, as informed by the Minister of State for Skill Development and Entrepreneurship RK Singh in the Rajya Sabha on Friday.