| The Centre’s move to assist start-ups and SMEs appears to have gathered steam, with fund-of-funds India Aspiration Fund (IAF) already sanctioning INR 700-800 crore of its first tranche of INR2,000 crore to domestic venture capital firms. The Fund is an attempt to boost the start-up ecosystem and harness the potential of India’s innovators and entrepreneurs by providing them with a network of domestic financers, said Minister of State for Finance Jayant Sinha.
“Almost 90-95 per cent of venture capital funding comes from outside India. India’s innovation is being funded by the Teachers Pension Plan of Ontario, the Stanford Endowment, the Norwegian sovereign wealth fund, by Temasek (Singapore’s sovereign fund). We need to fund Indian innovation here in India, and we need to build venture capital here,” he said...............................................Full Article: Source
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