Guidelines for phase II of Fund of Funds scheme for startups at advanced stage: Commerce Minister Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the formulation of guidelines for the operationalisation of the second phase of the Fund of Funds scheme for startups is at an advanced stage.

To strengthen the startup ecosystem, the government constituted a Fund of Funds worth Rs 10,000 crore in 2016 to provide seed capital and enable startups to take calculated risks.

Following the successful utilisation of the first tranche, a second tranche of Rs 10,000 crore was sanctioned in the last Union Budget.