Home Insight News & Update Startup Odisha Launches ₹100 Crore Odisha Startup Growth Fund (Fund of Funds)...

Startup Odisha Launches ₹100 Crore Odisha Startup Growth Fund (Fund of Funds) With SIDBI As Fund Manager

Startup Odisha Launches ₹100 Crore Odisha Startup Growth Fund (Fund of Funds) With SIDBI As Fund Manager
Startup Odisha Launches ₹100 Crore Odisha Startup Growth Fund (Fund of Funds) With SIDBI As Fund Manager
Startup Odisha Launches ₹100 Crore Odisha Startup Growth Fund (Fund of Funds) With SIDBI As Fund Manager
Shri Saswat Mishra, Principal Secretary, MSME Department, Government of Odisha, Dr. Omkar Rai, Executive Chairman, Startup Odisha, Smt. Anu Garg, IAS Development Commissioner cum Additional Chief Secretary, Shri S. Ramann, Chairman & Managing Director, SIDBI, Shri S.P Singh, CGM, SIDBI

Startup Odisha, an initiative of the MSME Department of the Government of Odisha has today launched a one-of-its-kind ₹100 Crore Odisha Startup Growth Fund (Fund of Funds) with Small Industries Development Bank of India (SIDBI) as the fund manager. This fund is truly unique due to its perpetual nature. When the initial corpus of ₹100 Crore gets exhausted, the state government would consistently replenish the fund, ensuring continuous, long-term support for startups.

SIDBI will serve as the fund manager for the Odisha Startup Growth Fund (Fund of Funds), responsible for shaping its investment strategy and managing its portfolio. Established by the Government of Odisha as part of its Fund of Funds initiative, the OSGF is dedicated to investing Rs. 100 Crores over five years through Alternative Investment Funds (AIF) in Odisha-based startups. This collaboration is set to play a crucial role in bolstering the MSME sector, which contributes 33% to India’s GDP and generates over 120 million jobs.

Read also – Startup Odisha’s Flagship Initiatives Startup Yatra and Startup Xpress 2023 Are Set to Revolutionize State’s Entrepreneurial Landscape

Smt. Anu Garg, IAS Development Commissioner cum Additional Chief Secretary, said, “Our endeavour through the launch of Odisha Startup Growth Fund is to make Odisha the preferred destination for entrepreneurs. Odisha is at the cusp of transformational change and the Government of Odisha aims to extend its support to initiatives like this that help the citizens of this state to grow. Together, we are paving the way for innovation to flourish, startups to thrive, and the MSME ecosystem to grow even stronger. In this dynamic environment, Startup Odisha is adding to the inclusiveness of the Odisha growth story.”

Dr. Omkar Rai, Executive Chairman, Startup Odisha, said, “The Launch of Odisha Startup Growth Fund marks a pivotal moment in our mission to foster a vibrant startup ecosystem in Odisha. We are dedicated to providing our state’s startups with the essential financial backing required for their growth. This fund symbolizes our unwavering commitment to nurturing innovation, catalysing job creation, and propelling our startups to succeed both at the national and global levels. We are crafting a future where Odisha would be recognized as a beacon of entrepreneurial excellence.”

Read also – [Funding alert] Data Analytics Platform Databricks Secures over $500 mn in funding

Shri S. Ramann, Chairman & Managing Director, SIDBI said, “We are extremely glad to be working with Startup Odisha and support the growth of Odisha’s startup ecosystem. Through financial support and guidance, we will empower startups to thrive as well as make significant contributions to Odisha’s economic landscape. This partnership will add another layer to our efforts, setting the stage for the state to become a startup funding hotspot in the next 5-10 years. SIDBI is aiming to continue to act as a catalyst to mobilise domestic capital for country’s startup ecosystem.”

Shri Saswat Mishra, IAS, Principal Secretary, MSME Department, said, “The launch of Odisha Startup Growth Fund will support the development of the entrepreneurial ecosystem in the state. We are committed to financially enable startups in Odisha with conducive policies and funds. Startup Odisha along with SIDBI will be working towards disbursing the funds to high-potential startups.”

Read also – [Funding alert] Florintree Invests in Video Analytics Platform Videonetics

Odisha Startup Growth Fund (OSGF) operates as a Fund-of-Funds Vehicle, designed to offer co-investment assistance along with a centralized tracking and implementation mechanism. The predominant financial instruments utilized by OSGF prioritize equity or quasi-equity investments, reflecting its commitment to nurturing long-term growth and sustainability within the startup ecosystem.

Odisha boasts a flourishing startup landscape, home to over 1700+ dynamic startups, including 600+ women-led enterprises. This thriving ecosystem is supported by 15 nodal agencies, 27 incubators, and a centralized incubator ‘O-Hub’ that provides an impressive 4 lakh sqft of incubation space.

About Startup Odisha

Startup Odisha under the MSME Dept. Govt. of Odisha as the Nodal agency for building the startup and innovation ecosystem in the state, came into existence in 2016 with Odisha Startup Policy-2016. The vision is to introduce a holistic and inclusive ecosystem for the existing and aspiring startups, establish itself as one of the top startup hubs in the country, and enable the youth of Odisha to become Job-Creators and support the state in employment generation.

Read also – [Funding alert] SALT Secures Pre-seed Funding Round led by Dr. Viraj Doshi

With the unique support system under the Odisha Startup Policy 2016, Startup Odisha has supported Women/SC/ST/PH/Transgenders-led startups/ entrepreneurs by providing them with financial grants, subsidized incubation and exposure in participating in various national and international events. Since its inception, Startup Odisha has been home to the best entrepreneurial minds & has already supported and facilitated more than 1700+ Startups, with 600+ startups led by women directors, founders and co-founders.

It houses the facilities and services ranging from a world-class infrastructure with state of an art facility called O Hub to the best Incubation facility supported by a proactive team, the aim is to take a leap for registering a minimum of another 5000 startups with recognition by 2025. Startup Odisha has been continuously evolving in its Policy measures, always ensuring to have a responsive policy framework. We have been the top performing Startup Hubs for three consecutive years in the country.

Read also – [Funding alert] HotelYaari Raises $2.17 Mn Seed Funding from Alios Ventures