Second Fund of Funds scheme may focus entirely on deeptech

AS MARKET VALUATIONS of tech companies skyrocket around the world, Commerce and Industry Minister Piyush Goyal said on Wednesday that the second Fund of Funds scheme for startups that is being finalised will provide domestic deeptech ventures resources to grow without coming under pressure to cede equity to foreign investors at an early stage.

- MUKESH JAGOTA

“Our second Fund of Funds we are hoping to dedicate entirely to deeptech investments, particularly early-stage investments, so that our friends from deeptech ecosystem do not end up selling a large part of their equity at a very early stage to venture capitalists, to foreign funds,” the minister said at the TiEcon Delhi-NCR. With early support from the fund, deeptech startups will be “able to maintain a large part of their ownership for fu