- ByStartupStory | August 2, 2023
IIM Ahmedabad’s CIIE.CO and SIDBI have entered into a memorandum of understanding (MoU) to create a pre-seed fund exclusively for deeptech startups. The fund aims to offer crucial support and nurturing to early-stage deeptech startups in India. With a total corpus of Rs 40 crore, equally contributed by SIDBI and CIIE.CO, the collaboration will provide vital resources, mentorship, and financial backing to startups pushing technology boundaries.
In the past two decades, CIIE.CO has invested in over 350 startups, accelerated 1,500, and mentored numerous others across various sectors, focusing on deeptech, digitization, and climatetech. In April, SIDBI launched the Mission 50K-EV4ECO pilot phase to strengthen the electric vehicle ecosystem, supporting two, three, and four-wheelers through direct and indirect lending. Presently, SIDBI administers the Fund of Funds for Startups, with a corpus of Rs 10,000 crore, initiated in 2016 as part of the Startup India program.
Recently, SIDBI also joined as an anchor investor in the Promising Lenders Fund managed by Vivriti Asset Management. The fund aims to provide vital debt capital to microenterprises and foster bond markets for BBB and lower-rated issuers, with a target corpus of Rs 700 crore in two phases.
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