251 startups, which have received funding by venture capital investors supported by SIDBI’s Fund of Funds, have created 11,698 jobs so far, averaging to around 45 jobs per startup.
251 startups, which have received funding by venture capital investors supported by SIDBI’s Fund of Funds, have created 11,698 jobs so far, averaging to around 45 jobs per startup, Department for Promotion of Industry and Internal Trade (DPIIT) said. Out of 11,698 jobs, 251 startups have men on 9,335 jobs while women could only have 2,363 jobs, DPIIT said in a tweet recently. The details were part of the review meeting of the progress of Fund of Funds by DPIIT secretary Ramesh Abhishek with DPIIT additional secretary Atul Chaturvedi and joint secretary Anil Agrawal, the department tweeted.
DPIIT said that “a total commitment of Rs 3,243 crore has been made under the startup Fund of Funds (FFS) scheme” by SIDBI — its operating agency to SEBI registered alternative investment funds with additional Rs 2,375 crore in the pipeline. SEBI has 49 registered alternative investment funds (AIF). The AIFs have invested Rs 1,647 crore in these 251 startups.
17.29 per cent of these 251 companies are spread across IT and ITeS and consumer sectors each followed by 12.03 per cent in financial services, 11.28 per cent in healthcare, 7.14 per cent in media, 6.02 per cent in logistics, 5.26 per cent in food and beverages, 4.14 per cent in education, 3.38 per cent in foreign investment etc.
Region-wise, four southern states and Telangana had a maximum density in terms of number and amount of investments in startups — 101 and Rs 622.23 crore. Rajasthan, NCR, Punjab, Haryana, UP, Uttarakhand saw 71 investments worth Rs 472.04 crore followed by 69 investments in Maharashtra and Gujarat totalling Rs 477.26 crore. Madhya Pradesh and West Bengal received two investments worth Rs 53.85 crore.
Moreover, 23 VC funds came from Maharashtra and Gujarat raising Rs 1,591.20 crore in commitment followed by 17 funds with Rs 1,076 crore in commitment from Karnataka, Tamil Nadu, and Telangana, 7 funds from Delhi NCR and Assam in total with Rs 456 crore.
FFS was set up in 2016 as part of the Startup India scheme launched in January 2016 by Prime Minister Narendra Modi. The scheme currently has 20,043 recognized startups across more than 500 districts in India, as per the Startup India website.