Uttar Pradesh government has set up ‘UP Start-up Fund’ under the UP Information Technology and Start-up Policy 2017. An MoU has been signed between the Uttar Pradesh government and the Small Industries Development Bank of India (SIDBI) and the fund will be managed by SIDBI. Initial contribution of Rs 15 crore has been made to the fund. The fund aims to support the registered start-up ventures present across different verticals in Uttar Pradesh.
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About “UP Start-up Fund”:
The ‘UP Start-up Fund’ has been established under the UP Information Technology and Start-up Policy 2017 by the Uttar Pradesh government. It will be in the form of Fund of Funds. This fund will take part in Securities and Exchange Board of India (SEBI) approved Alternative Investment Funds and would not be invested directly into start-ups. The fund will be operated for a period of 12 years and will be professionally managed, with SIDBI acting as the fund manager.
Important takeaways for all competitive exams:
- Chief Minister of Uttar Pradesh: Yogi Aditya Nath; Governor: Anandiben Patel.