Latest News | SIDBI, Bihar Start-up Fund Trust Collaborate to Enhance Startup Ecosystem in Bihar

New Delhi, Feb 23 (PTI) Bihar Start-up Fund Trust, the Department of Industries, the government of Bihar and SIDBI have entered into an agreement on Friday to administer the Rs 50 crore Bihar Startup Scale-up Financing Fund (BSSFF).

This strategic initiative is aimed at transforming the state into a startup hub, creating a conducive environment for startups to flourish economically while focussing on innovation to solve complex problems of economy and society, SIDBI said in a statement.

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The agreement to this effect was signed by Pankaj Dixit, director Department of Industries, the government of Bihar and SIDBI general manager Arijit Dutt.

Bihar Start-Up Fund Trust (BSFT) is a nodal agency constituted by Department of Industries, the government of Bihar for implementation of Bihar Start-Up Policy of the Government of Bihar, it said.

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The Policy aims to foster entrepreneurship and promote innovation by creating an ecosystem that is conducive for the growth of start-ups in the state. Under the Policy, the government of Bihar has set-up Bihar Start-Up Fund Trust with an initial corpus of Rs 500 crore, it said.

Out of this fund, BSSFF has been established with an initial corpus of Rs 50 crore for scale-up funding support to startups, it said.

The fund, to be managed by SIDBI, shall be in the form of a fund of funds, it said.

In this model, it said, the fund shall not invest directly into start-up companies, instead it shall contribute to the corpus of SEBI registered alternative investment funds, which in turn shall invest in startups.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)