On Saturday, February 1, Finance Minister Nirmala Sitharaman declared that the government plans to establish a new ₹10,000 crore fund for the Startup India project.

Ashish Agarwal - Co-Founder, Enzyme Office Spaces says that, "The latest addition of ₹10,000 crore to the Fund of Funds is a clear indication of the government's unyielding support for India's burgeoning startup ecosystem. This new addition will ensure that there is enough funding available for new age startups which will be proposed now that the existing FoF has already secured funding commitments over ₹9 lakh crore."
With many start-ups today looking for domestic sources of funding, this increased Fund of Funds will come as a pleasant surprise. Proposed deep-tech startups as well as many others in new sectors will particularly benefit from this major funding gap bridge which is estimated at ₹10,000 crore believes Saurabh Tyagi, Co-Founder and CEO of PropChk
Privately investing in new-age technologies will surely drive a new wedge under private investments in start-ups. Kishor Fogla,Founder of Yellow Slice says, "With the addition of range extension in the existing FoF, more than ₹9 lakh crore worth funds makes this big shift possible. This shift on funding will widen India's startup hub and strengthen its global position."
The emphasis on expanding the scope of funding is a sign of the importance attached to the above figure of ₹10,000 crore. It highlights the need for adaptation in funding mechanisms which facilitate the next generation of entrepreneurs says "Sahil Arya ,Co-Founder & Director, Fat Tiger"
Boosting the startup ecosystem will ultimately do wonders in the overall country's economy. Hence the startup players are very enthusiastic after the budget presentation.
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