SIDBI and Bihar Startup Fund Trust collaborate to boost startup ecosystem
- ByStartupStory | February 24, 2024
SIDBI and Bihar Startup Fund Trust have partnered to manage the Bihar Startup Scale-up Financing Fund (BSSFF), worth INR 50 crore, with the goal of transforming Bihar into a startup hub. The collaboration aims to administer the fund as a Fund of Funds model, wherein it will contribute to SEBI registered Alternative Investment Funds, which will then invest in startups. Shri Pankaj Dixit, IAS, Director Industries, Government of Bihar, and Shri Arijit Dutt, General Manager of SIDBI, formalized the agreement.
“Bihar Start-Up Fund Trust (“BSFT”) is a nodal agency constituted by Department of Industries, Government of Bihar for implementation of Bihar Start-Up Policy,” stated a representative. The policy seeks to foster entrepreneurship and innovation by creating a conducive ecosystem for startups in the state. The Bihar Start-Up Fund Trust, with an initial corpus of INR 500 crores, aims to support startups through initiatives like the Bihar Startup Scale-up Financing Fund (BSSFF), initially endowed with INR 50 crores.
“Since its formation in 1990, SIDBI has been impacting the lives of citizens across various strata of society,” highlighted the statement. Over the last three decades, SIDBI has played a pivotal role in supporting the startup ecosystem through various initiatives, including managing Fund of Funds interventions. Additionally, SIDBI manages the ASPIRE Fund of Funds focusing on Agro and Rural enterprises, as well as state-specific Fund of Funds for Uttar Pradesh, Odisha, and now Bihar.
“SIDBI supported setting up of several schemes before emerging as a key partner of the Government of India,” the statement continued. With a history of supporting startups from its own balance sheet, SIDBI has evolved into a strategic partner for the government in managing their vision in the startup space. The Fund of Funds interventions, including the one in Bihar, aim to further bolster the startup ecosystem and foster entrepreneurial growth in the region.
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