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Start-up Odisha Launches Rs 100 Crore Odisha Start-up Growth Fund

The fund is aimed at transforming the state into a start-up destination by creating a conducive environment for start-ups to flourish

Start-up Odisha Launches Rs 100 Crore Odisha Start-up Growth Fund
Launch of Odisha Start-up Growth Fund
POSTED ON September 20, 2023 11:11 PM

Start-up Odisha, an initiative of the MSME Department of the Government of Odisha has today launched a one-of-its-kind Rs 100 Crore Odisha Start-up Growth Fund (Fund of Funds) with Small Industries Development Bank of India (SIDBI) as the fund manager.  

This fund is truly unique due to its perpetual nature. When the initial corpus of Rs 100 Crore gets exhausted, the state government would consistently replenish the fund, ensuring continuous, long-term support for startups. 

SIDBI will serve as the fund manager for the Odisha Start-up Growth Fund (Fund of Funds), responsible for shaping its investment strategy and managing its portfolio. Established by the Government of Odisha as part of its Fund of Funds initiative, the OSGF is dedicated to investing Rs 100 Crores over five years through Alternative Investment Funds (AIF) in Odisha-based start-ups. This collaboration is set to play a crucial role in bolstering the MSME sector, which contributes 33 per cent to India's GDP and generates over 120 million jobs. 

Anu Garg, IAS development commissioner cum additional chief secretary, said, “we are paving the way for innovation to flourish, start-ups to thrive, and the MSME ecosystem to grow even stronger. In this dynamic environment, Start-up Odisha is adding to the inclusiveness of the Odisha growth story.” 

Dr. Omkar Rai, executive chairman, Start-up Odisha, said, "The Launch of Odisha Start-up Growth Fund marks a pivotal moment in our mission to foster a vibrant start-up ecosystem in Odisha. We are dedicated to providing our state's start-ups with the essential financial backing required for their growth. This fund symbolises our unwavering commitment to nurturing innovation, catalysing job creation, and propelling our startups to succeed both at the national and global levels. We are crafting a future where Odisha would be recognized as a beacon of entrepreneurial excellence.” 

S. Ramann, chairman and managing director, SIDBI said, "Through financial support and guidance, we will empower startups to thrive as well as make significant contributions to Odisha's economic landscape. This partnership will add another layer to our efforts, setting the stage for the state to become a startup funding hotspot in the next 5-10 years.”  

Odisha is home to over 1700+ start-ups, including 600+ women-led enterprises. This thriving ecosystem is supported by 15 nodal agencies, 27 incubators, and a centralized incubator ‘O-Hub’ that provides an impressive 4 lakh sqft of incubation space. 

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