Software Technology Parks of India to launch a VC fund to support start-ups

This scheme will support around 300 start-ups for the next three years by offering Rs 25 lakh risk capital and Rs 10,000 internship per startup

Software Technology Parks of India (STPI), an Autonomous Society set up by the Ministry of Electronics and InformationTechnology(MeitY), will float a venture capital fund to support startups & entrepreneurs from the tier II and III cities to launch new technology products.

This comes in the backdrop of technology products exports expected to increase 7-8 times in the next five years from $10 billion now as envisioned in National Policy on Software Products (NPSP).

Omkar Rai, Director General, SoftwareTechnology Parks of India (STPI) said that one of the prime focus of STPI is to disperse the industry to Tier-II and III