19,351 Startups recognised by DPIIT till June 24, 2019

Speed Post News Network

New Delhi : Start-up India initiative launched on January 16, 2016, consists of 19 Action Points that act as a guiding document for the initiative. Since its lqunch, 19,351 Startups across the country have been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as on June 24, 2019.

The Government of India has established Fund of Funds for Startups (FFS) with a corpus of Rs 10,000 crore to meet the funding needs of startups. DPIIT is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.

The total corpus of Rs 10,000 crore is envisaged to be provided over the 14^th and 15^th Finance Commission cycles based on progress of the scheme and availability of funds. SIDBI has committed Rs 3,123.20 crore to 49 SEBI registered Alternative Investment Funds (AIFs). These funds have raised a corpus fund of Rs 27,478 crore. Rs 483.46 crore have been drawn from Fund of Funds for Startups. Further, the AIFs have invested a total of Rs 1,625.73 crore into 247 startups. A total of 26 states have notified and operational startup policies. This information was given by Commerce and Industry Minister  Piyush Goyal in written reply to a query in the Rajya Sabha on June 28, 2019., according to a PIB release