In a bid to foster the growth of startups, Startup Odisha has pact a deal worth Rs 100 crore with Small and Industrial Development Bank Of India (SIDBI) as the fund manager.
The role of SIDBI will undertake the decision of managing the portfolio and shaping the investment plans of the Odisha Startup Growth Fund (OSGF). Set up by the Odisha government under the Fund of Funds initiative, the Odisha Startup Growth Fund will invest Rs 100 crore over five years through Alternative Investment Funds (AIF).
The partnership is expected to foster the MSME sector of the state, which contributes 33 per cent to India’s GDP and generates over 120 million jobs.
Speaking on the development, Additional Chief Secretary Anu Garg said that by introducing the Startup Growth Fund, it will make innovation flourish and startups thrive, leading the MSME sector to grow stronger.
OSGF is a dedicated initiative to offer co-investment assistance along with a centralized tracking and implementation system. It uses existing financial apparatus to focus on equity or quasi-equity investments, ensuring long-term growth and sustainability for startups.
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