SIDBI has launched a web-based application system for contribution from its Fund of Funds for Startups with the aim to improve the turnaround time and increase transparency. Applications for contribution from various Alternative Investment Funds (AIFs) will now be accepted online and the status of the same shall be accessible to applicants. The provision of submission of online application will be on the home page of SIDBI. To begin with the application process, the AIF should create an account, fill in the details and submit the application form online along with the required supporting documents. Mohammad Mustafa, CMD, SIDBI, said with this system, a lot of administrative work is expected to be reduced and it will smoothen the entire process. SIDBI is the implementing agency for the Fund of Funds for Startups with a corpus of Rs 10,000 crore on behalf of the government of India. It has also undertaken various development initiatives to build a vibrant startups ecosystem.
