Govt needs to boost financial support to startups: Snapdeal founder
government has shown its desire to create a pool of domestic capital for new age businesses but it needs to increase financial support to the startup ecosystem, said Kunal Bahl, cofounder of Titan Capital and founder of Snapdeal said on Saturday.
“One of the things that this government has done, which is tremendously good, is setting up the Fund of Funds…The Sidbi-sponsored Fund of Funds has now invested in 140 domestic funds. They started with Rs 10,000 crore; they now have Rs 15,000 crore because the value of investments of the funds that they've invested in have grown that much in that period,” said Bahl at the CII Annual Business Summit.
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Offering CollegeCourseWebsiteMIT xPROMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitThrough the Fund of Funds for Startups (FFS) scheme, the government sponsors alternative investment funds (AIFs) or venture firms such as Chiratae Ventures, Blume Ventures, Stellaris Venture Partners, Fireside Ventures and India Quotient.
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“Rs 10,000 crores, which is $1.2 billion over a period of 10 years, is too small for a nation of our ambition, size and future. What we really need is maybe Rs 5,000 or Rs 10,000 crores a year that should be put in…Hopefully when the new government comes in...they need to loosen the purse strings a bit more and provide the necessary fuel for our ecosystem,” said Bahl.
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