India Doubles Down on State-Backed Venture Capital, Approving $1.1B Fund

India has doubled down on its state-backed venture capital efforts by approving a $1.1 billion fund-of-funds. This fund will invest through private venture capital firms to support deep-tech and manufacturing startups.

The fund aims to provide a boost to India's startup ecosystem, which has been growing rapidly in recent years. The government has been actively promoting the development of deep-tech and manufacturing startups, and this fund is a significant step in that direction.

The fund will be managed by the Department of Promotion of Industry and Internal Trade (DPIIT) and will invest in startups that are working on cutting-edge technologies such as artificial intelligence, blockchain, and the Internet of Things (IoT).

This move is seen as a significant step by the Indian government to promote its startup ecosystem and to make the country a hub for innovation and entrepreneurship. The government has been actively promoting the development of startups in India and has launched several initiatives to support them.

The fund will provide a much-needed boost to the startup ecosystem in India, which has been growing rapidly in recent years. The government has been actively promoting the development of startups in India and has launched several initiatives to support them.

Sources

[6] India doubles down on state-backed venture capital, approving $1.1B fund