DPIIT told to expedite funds for Covid-19 related startup ideas, Technology News, ETtech

DPIIT told to expedite funds for Covid-19 related startup ideas
Commerce and industry minister Piyush Goyal has directed the Department for Promotion of Industry and Internal Trade (DPIIT) to expedite the proposals of startup ideas dealing with various aspects of the Covid-19 pandemic and proposed SIDBI to frontload funds from the Funds of Funds to support startups as they raised the issues of liquidity crunch, manpower and cash flows.

Fund of Funds does not directly invest in startups but provides capital to Sebi-registered Alternative Investment Funds (AIFs) known as daughter funds, who in turn invest money in growing Indian startups through equity and equity-linked instruments.

Startups including Naukri.com, Zomato, MakeMyTrip and Curefit, and investors like T V Mohandas Pai, among other startup stakeholders, and officials from corporate affairs ministry, Sebi, CBDT, CBIC, NITI Aayog, and SIDBI participated in the virtual meeting with Goyal on Thursday in which they flagged their stuck refunds against tax deducted at source and goods and services tax. The commerce and industry ministry will take these up with the finance ministry.

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