In an order to boost up the state’s startups for the next two to three years, the Odisha government is all set to put a fund of INR 100 crore to provide seed funding through fund-to-fund (FoFs) to the budding startup, reported Inc42.
The committee led by chief secretary Asit Kumar Tripathy said that they have decided to set up this fund to strengthen the startup ecosystem in the state and scaleup capital to Odisha-based startups.
While, the Department of Promotion of Industry and Internal Trade (DPIIT) in 2016 had sanctioned INR 10,000 crore for startups through SEBI registered alternative investment funds (AIF) for the Startup India scheme.
Through FoFs, the state government will be floating the fund to help growth-focused startups in the state.
Post approval, the fund is expected to be floated to the startups in the next financial year.
Furthermore, as per the statistics, the state of Odisha, in the span of three years, has grown to become 534 startups strong.
The state has witnessed a significant amount of startups mushrooming since the launch of Odisha Startup Policy in 2016, the report added.
In 2018, the Odisha government signed a pact with Google to boost the startup ecosystem in the state. Through which, the government had selected 250 startups that were said to partner with Google for support and guidance.