Investors have expressed interest in investing in a startup venture fund to provide financial support to innovative entrepreneurs in Uttarakhand. The Industry Department has received applications from over 30 investors through a tender process. A decision on the operation of the venture fund will be made soon.
In the new Startup Policy 2023, the state government has made a provision to create a venture fund of ₹200 crore to provide financial support to innovative entrepreneurs. New entrepreneurs require financial assistance to establish businesses. Previously, startups had to approach angel investors for financial support based on equity shares.
Considering this, the state government decided to create a separate fund for startups. The Industry Department sought applications from investors through a tender process to create the fund. Over 30 applications were received, but only 25 investors are willing to invest.
The government will now conduct a scrutiny process and select promising investors for the fund. Startups will soon benefit from this fund. Industry Secretary Vinay Shankar Pandey said the process of establishing the venture fund for startups is underway. Many investors are interested in investing in i
