Maharashtra ranks on top with 3,661 startups recognised by the government followed by Karnataka with 2,847, New Delhi with 2,552 and Uttar Pradesh by 1,566. A total of 19,351 startups across the country have been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), the government said on Friday.
The Start-up India initiative was launched on January 16, 2016, to build a strong and inclusive ecosystem for innovation and entrepreneurship. The Fund of Funds for Startups (FFS) with a corpus of Rs 10,000 crore was established to meet the funding needs of startups, according to a statement issued by the Ministry of Commerce and Industry. DPIIT is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.
The total corpus of Rs 10,000 crore is envisaged to be provided over the 14th and 15th Finance Commission cycles based on the progress of the scheme and availability of funds. SIDBI has committed Rs 3,123.2 crore to 49 SEBI registered Alternative Investment Funds (AIFs). These funds have raised a corpus fund of Rs 27,478 crore of which Rs 483.46 crore has been drawn from FFS. Besides, the AIFs have invested Rs 1,625.73 crore into 247 startups.
A total of 26 states have notified and operational startup policies, the statement said.