SIDBI pumps in 930 Cr for Startup India

The Small Industries Development Bank of India (SIDBI) clearing Rs 930 Cr from the Rs 2,000 Cr fund-of-funds for the government’s Startup India, Standup India program. The venture capital investment committee (VCIC) has already line up a dozen proposals for a potential commitment of around Rs 500 crore.

The panel members include Mohandas Pai, chairman of Manipal Global Education Services; Sanjeev Bikchandani, founder ofnaukri.com owner InfoEdge; Saurabh Srivastava of Indian Angel Network; Kiran Karnik, former Nasscom chief; Vaidyanathan, IIM-Bangalore; and Harkesh Mittal, programme head of innovation, entrepreneurship and technology commercialisation at the Department of Science and Technology. It also includes two senior SIDBI executives.

SIDBI’s India Aspiration Fund (IAF) has screened 30 venture capital funds since its launch and has already issued sanction letters to more than half of them.