Uttar Pradesh to create $31m fund

The Indian state’s newly elected government is keen to support local micro, medium and small enterprises with an initial commitment of $31m for a VC fund.

The government of Indian state Uttar Pradesh revealed it plans to set up a Rs2bn ($31m) venture capital fund to bolster the local micro, medium and small enterprises sector, according to KNN.

The fund would be established by the Department of Small-Scale Industries and Export Promotion.

Half of the initial capital commitment would be provided by the state government, with the remainder coming from financial institutions. The government has entered talks with Small Industries Development Bank of India and other banks to that effect.

A total of 80% of the capital would be allocated to growth-stage companies, with 20% reserved for startups.

See more from this Government Report: India

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