The government published an impact study on Thursday, March 7, of the Fund of Funds for Start-ups (FFS), highlighting that the FFS, through its partner Alternative Investment Funds (AIFs), has generated a total of 18 unicorn startups.
| S. No. | Company |
| 1 | ShareChat |
| 2 | Lenskart |
| 3 | Digit |
| 4 | Unacademy |
| 5 | Uniphore |
| 6 | Zetwerk |
| 7 | Spinny |
| 8 | DealShare |
| 9 | FirstCry |
| 10 | CureFit |
| 11 | CredAvenue |
| 12 | MyGlamm |
| 13 | Purplle |
| 14 | Acko |
| 15 | Mamaearth |
| 16 | Leadsquared |
| 17 | DarwinBox |
| 18 | Slic |
In the last 9 years, the study states that the FFS has participated in 129 AIFs as of December 2023 in segments like venture capital, social impact, social venture, SME, and other equity funds under Categories I and II, with a committed corpus of ₹10,229 crores.
The government shared that the investment has mobilised ₹17,534 crores by AIFs in 969 unique startups. Overall, the scheme has helped mobilise more than ₹75,000 crores of domestic capital.
Regarding investments reaching Tier 2 and Tier 3 cities, the impact study revealed that after the inception of FFS, 129 startups beyond Tier 1 cities have received investments totalling ₹1,590 crores.
Due to the effect of FFS, industry-wide deal activity in the UK beyond Tier 1 metros has also increased. In fiscal 2017, these cities saw just 38 deals, and in fiscal 2023, the number soared to 97.
Eleven percent of the total investment in startups supported through the FFS scheme is for healthcare/health-tech startups, and six percent of startups in the Agriculture and AgriTech space were part of the FFS portfolio.
The majority of the AIFs that invest in startups consider impact parameters. The study also reveals that SIDBI has invested in 46 first-time investment managers out of the 129 funds it has invested in.
It has funded more than 26 of the 129 AIFs before their first close. According to the government, the scheme has given a much-needed boost to investment managers, especially those who launched their first funds.
About 89% of the respondents confirmed that SIDBI FFS was instrumental in helping anchor their fundraising. FFS has become the hallmark of funding, with SIDBI as an anchor investor in 51.80% of the commitment value.
About 75% of the respondents said they experienced a positive impact in raising non-institutional domestic capital post-commitment by SIDBI, according to the study.
Sixty-seven percent of the daughter funds surveyed have a Limited Partner Advisory Committee (LPAC) and reputed auditors, enhancing their corporate governance practices.
(Edited by : Anand Singha)
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