21,800+ startups have been on-boarded on GeM
The Indian Government, under the Fund of Funds for Startups (FFS) Scheme, has committed about Rs.10,229 crore to 129 Alternative Investment Funds (AIFs), the Ministry of Commerce and Industry said in its year-end review on 26 Dec 2023
A total of Rs.17,272 crore has been invested by the AIFs in 915 startups.
Under the Startup India Seed Fund Scheme (SISFS), a total sum of Rs.747 crore has been approved to 192 incubators.
Also, the selected incubators have approved a total of Rs.291 crore to 1,579 startups.
The Ministry pointed out that more than 114,000 startups have been recognized by the Government which have reported creation of more than 12 lakh jobs that are spread across all 36 States and UTs of the country.
Further, the Government has also notified the establishment of the Credit Guarantee Scheme for Startups (CGSS) for providing credit guarantees to loans extended by Scheduled Commercial Banks, Non-Banking Financial Companies and AIFs.
The Scheme has been operationalized on 1 Apr 2023.
More than 21,800 recognised startups have been on-boarded on Government e-Marketplace (GeM) which have received over 243,000 orders from public entities, totalling Rs.18,540 crores. GeM Startup Runway is a fast-track process for onboarding of startups on the GeM platform. Fiinews.com
