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Sidbi offers Rs 1000 cr to venture funds

Sidbi has sanctioned an amount of Rs 1,000 crore to 30 venture funds through the government-financed India Aspiration Fund. The fund has been set up to support startups in their early stages. Sidbi chairman Kshatrapati Shivaji said the amount has been sanctioned by the executive committee of Sidbi from the Rs 1,416 crore approved by its independent advisory venture capital investment committee. Sidbi has entered into a MoU with Life Insurance Corporation of India under which the former would contribute 10% of the fund as a co-investor. The proposals are from venture funds such as IvyCap Ventures, Blume Ventures and Exfinity Venture Partners. Sidbi will provide these funds about 15% to 20% of their total investment in startups. The remaining amount will be mobilized by venture funds from private capital and other investors. The government had launched the India Aspiration Fund in August 2015 with the intention of providing equity investments to startups and micro and small enterprises and boosting employment.

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