SIDBI sanctions Rs 1,000 crore to start up funds

"The Small Industries Development Bank of India has sanctioned Rs 1,000 crore to 30 venture funds through the government-financed India Aspiration Fund, which seeks to support startups in their early stages. The amount was sanctioned by the SIDBI executive committee from the Rs 1,416 crore approved by its independent advisory venture capital investment committee, Chairman Kshatrapati Shivaji said. Earlier this month, SIDBI signed a memorandum of understanding with Life Insurance Corporation of India under which the government-owned company would contribute 10% of the fund as a co-investor. ""We got many proposals from funds, out of which 35 proposals were recommended by the VCIC to our executive committee. We have already approved 30 of the proposals worth Rs 1,000 crore,"" Shivaji said. "