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Dec 21, 2017 08:28 AM IST | Source: PTI

5,350 startups eligible for Startup India initiative benefits

Under the Fund of Funds for Startups, 75 startups have received funding to the tune of Rs 337.02 crore.

The commerce and industry ministry today said a total of 5,350 startups have been recognised by the Department of Industrial Policy and Promotion (DIPP) for availing benefits under the Startup India initiative.

Under the Fund of Funds for Startups, 75 startups have received funding to the tune of Rs 337.02 crore.

Further, a 74 startups have been recognised to avail tax exemption under the Income Tax Act, it added.

"Under DIPP-recognised 5,350 startups at least 40,000 people have been employed," the ministry said.

It further said that Startup India Hub has been established as a single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding.

As per the statement, the hub has resolved 75,643 queries pertaining to starting a business, access to incubation, and raising funds, among other things.

Under the Fund of Funds for Startups (FFS, Rs 500 crore was released to SIDBI in 2015-16 and Rs 100 crore in 2016-17.
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