Govt plans to create a digital platform for startups and investors to help them close deals faster
- ByStartupStory | July 9, 2022
To speed up the signing of investment agreements, the Department for Promotion of Industry and Internal Trade (DPIIT) will provide a special digital platform for startups and investors. Along with the Small Industries Development Bank of India, DPIIT will deploy the platform (SIDBI).
At a news conference on Friday, DPIIT joint secretary Shruti Singh stated, “This was accepted at one of the national startup advisory council sessions. It is in the process of closing and serves as a platform for investors and businesses to connect. It will be introduced in the next two months. After evaluating the platform’s success, Singh stated, that the platform would only accept investors and financing companies from India as well as international capital.
“Funds will be available online, and companies will have no trouble accessing the same… There will be alternative investment funds (AIFs) from the investor’s perspective, where they will state the industries they will be looking at and the amount of money they are ready to invest. Women make up around half of the boards of many firms, and the number of jobs they have generated has increased dramatically. Said Singh.
A Fund of Funds for Businesses (FFS) plan with a capital of INR 10,000 Cr was put into place by the government in 2016 as part of the Startup India effort to offer financing support for startups. Additionally, that programme permits the government to finance authorised alternative investment funds (AIFs).
The DPIIT joint secretary claims that Rs 7,300 crore has already been committed to about 86 AIFs and that the aforementioned AIFs were successful in raising seven times more money in the market. To improve the ecosystem, the government has been attempting to provide numerous digital platforms.
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