According to Department for Promotion of Industry and Internal Trade, Fund of Funds for Startups have provided financial support to 249 startups in last 3 years. The DPIIT is the monitoring agency and Small Industries Development Bank of India is the operating agency for FFS.
FFS contributes to the corpus of SEBI registered Alternative Investment Funds (AIFs). These AIFs in turn have to invest at least twice the contribution under FFS in startups.
Source: The Business Standard
Static/Current Takeaways Important For ESIC/EPFO Mains:
- Managing Director of SIDBI: Mohammad Mustafa.
- Headquarters of SIDBI: Lucknow.