Future Grp to support start-ups with selective approach:Biyani

Kishore Biyani-promoted Future Group today offered to support start-ups with a selective approach.
Future Group has offered financial packages to young and bright start-ups to support their ventures with disruptive ideas though on case-to-case basis provided such ideas appeal to the management, a PHD chamber release quoted Biyani as saying in an event held here today.
However, IFCI Venture Capital Funds has expressed its inability to fund start-up ventures, arguing that it is yet to gear up for the job, said the industry body.
IFCI Venture Capital Funds Managing Director Shivendra Tomar declined to fund the start-ups, pointing out that currently its mandate is to offer venture funds for schedule castes only, said the release.

He, however, added that in course of time, the company could entertain such proposals as to fund the ventures of start-ups depending upon their viability in future.
Further, IFCI's Chief Executive Officer and Managing Director Malay Mukherjee said the company had asked government to allow it to raise tax free bonds to finance mega projects, the release added.