Small Industries Development Bank of India (Sidbi) on Wednesday said it has received Rs 15 crore from the Uttar Pradesh government as the first tranche towards the UP Start-up Fund.
The initial corpus of the fund, set up to promote start-ups in the state, has been kept at Rs 1,000 crore.
The fund will be professionally managed by Sidbi, a release said.
"Uttar Pradesh government's 'UP Startup Fund' is the very first state fund to be operationalized. We believe this step will give a fillip to the deserving startups in the state, Sidbi's chairman and managing director Mohammad Mustafa, said in the release.
The UP Startup Fund will be in the form of Fund of Funds.
In this model, the fund will not be invested directly into startup companies, rather it will participate in Securities and Exchange Board of India (Sebi) approved alternative investment funds.
Sidbi also said it has donated Rs 5 crore to Uttar Pradesh Chief Minister's Distress Relief Fund.
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