A mega fund set up by the government to fund start-ups has committed Rs 3,123 crore while the total number of registered start-ups stands at 19,351, the Department for Promotion of Industry and Internal Trade (DPIIT) has said.
The Small Industries Development Bank of India has committed Rs 3,123.20 crore to 49 Securities and Exchange Board-registered alternative investment funds (AIFs), the DPIIT said on Friday. In turn, these funds have raised a corpus fund of Rs 27,478 crore. Further, the AIFs have invested a total of Rs 1,625.73 crore into 247 start-ups.
In 2016, the Centre had established a Rs 10,000-crore fund under the Small Industries Development Bank of India to meet the financial needs of start-ups. DPIIT Secretary Ramesh Abhishek said over 11 direct jobs had been created by start-ups. The department had calculated that each direct job led to three indirect jobs.