₹10K cr Fund of Funds Scheme to focus on mfg, high-tech startups

Through 1st FFS launched in 2016 investment of Rs 21,700 cr has already been catalysed by AIFs in 1,180 startups

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NEW DELHI: The newly announced Rs 10,000 crore Fund of Funds Scheme (FFS) for startups, unveiled in the Budget, will focus on manufacturing and high-technology sectors, which require longer-term funding, a top government official stated on Tuesday.

Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Amardeep Singh Bhatia said this new scheme would be an entirely different fund that will address the needs of startups that lie between those dealing with high-end technology and the ones focussed on improving public service delivery.

The government on Saturday announced a new FFS with Rs 10,000 crore corpus to promote growth of budding entrepreneurs in the country. In 2016 also, the government launched a similar scheme, with a corpus of Rs 10,000 crore, with contributions spread over the 14th and 15th Finance Commission cycles.