Govt to give bulk of ₹10,000 cr startup fund to AI, tech sectors: Official

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Govt to give bulk of ₹10,000 cr startup fund to AI, tech sectors: Official - Business Standard

Quick Summary:

The commerce and industry ministry will allocate a major part of the second Rs 10,000 crore Fund of Funds Scheme (FFS) for startups to budding entrepreneurs in sectors such as new-age technology, artificial intelligence, and machine building, an official said.

The 2016 scheme was set up to catalyse venture capital investments and is operationalised by the Small Industries Development Bank of India (SIDBI), which provides capital to Securities and Exchange Board of India (Sebi)-registered AIFs, which in turn invest in startups.

"We are going to dedicate a lot of this Rs 10,000 crore fund of funds largely for the new age tech, AI, and machine building," the official said.