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With an aim to transform Bihar into a startup hub, Small and Medium Enterprises Development Bank of India (SIDBI) and Bihar Startup Fund Trust have come together to manage the Bihar Startup Scale-up Financing Fund (BSSFF) of Rs 50 million. The funds managed by SIDBI will be in the form of funds of funds. Under this model, rather than investing directly in startups, the fund contributes to a corpus of SEBI-registered alternative investment funds, which in turn invest in startups.
The agreement was formally signed by Shri Pankaj Dixit, Director General, Industries, Government of Bihar, IAS Industries Director and Shri Arijit Dutt, General Manager, on behalf of SIDBI.
Bihar Startup Fund Trust (“BSFT”) is a nodal agency set up by the Bihar Ministry of Industries for implementation of the Bihar Startup Policy of the Government of Bihar. The policy aims to foster entrepreneurship and encourage innovation by creating an ecosystem conducive to the growth of startups in the state. Based on this policy, the Bihar government has set up Bihar Startup Fund Trust with an initial corpus of Rs 500 crore. From this fund, the Bihar State Startup Scale-up Financing Fund (BSSFF) was established with an initial capital of 500 billion yen to support scale-up funds for startup companies.
Since its inception in 1990, at a time when risk capital and VC ecosystem for innovative companies and start-ups were almost non-existent in the country, SIDBI has been committed to serving society through its integrated, innovative and comprehensive services. It has affected the lives of people from all walks of life. approach.
Over the past three decades, SIDBI has taken several pioneering steps to support the creation of a startup ecosystem, including support from its own balance sheet. SIDBI has helped launch several schemes on its own before emerging as a key partner of the Government of India and several state governments in managing their vision in the startup space through fund of funds interventions. Apart from FFS, it also manages the ASPIRE fund of the Ministry of MSME, which focuses on agriculture and rural enterprises, and state-focused funds with focus on Uttar Pradesh and Odisha and now Bihar. .
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