India and UK have created a Rs 360 crore fund – UK India Fast Track Startup Fund – to invest in tech startups. The UK government has committed GBP 20 million through the Department of International Development (DFID) and the Indian government has matched the amount through Department of Industrial Policy and Promotion (DIPP) and SIDBI.
The funding will made in early stage startups ventures focussed in technology in manufacturing, healthcare, education, agriculture and financial services, according to Gavin McGillivray, head DFID India.
ALSO READ: Workforce management startup Deputy raises $81 million in Series B
The office of UK’s Department of International Trade in India said that “UK-India Fast track #Startup Fund will step up the commitment between #UKIndia in tech sector, thus re-establishing the unbeatable partnership. Join us in sharing our common dreams & ideas at 🇮🇳🇬🇧FutureTech Festival Dec 12th.”
The new UK-India Fast track #Startup Fund will step up the commitment between #UKIndia in tech sector, thus re-establishing the unbeatable partnership. Join us in sharing our common dreams & ideas at 🇮🇳🇬🇧FutureTech Festival Dec 12th. #FutureTechFest #GREATforCollaboration pic.twitter.com/i3Nq57u3SY
— Dept. Int. Trade Ind (@tradegovukIND) November 30, 2018
This is not the first step by the UK to tap into entrepreneurial talent. In June this year, it announced a new visa for people wanting to start a business in the UK. This will help ensure UK’s position as a world-leading destination for innovation and entrepreneurs.
It will widen the applicant pool of talented entrepreneurs and make the visa process faster and smoother for entrepreneurs coming to the UK.
Click here for Latest News updates and viral videos on our AI-powered smart news genie