The Odisha government has introduced a significant initiative by launching the INR 100 Crore Odisha Startup Growth Fund (Fund of Funds) in collaboration with the Small Industries Development Bank of India (SIDBI). This fund aims to provide financial support to startups based in Odisha over the next five years and is part of the state’s efforts to establish itself as a thriving startup hub. The fund will be managed by SIDBI, and the state government will continually replenish it to ensure sustained support for startups.
Fund Management by SIDBI SIDBI will oversee the fund’s management, shape its investment strategy, and manage its portfolio. The fund will invest in Odisha-based startups through Alternative Investment Funds (AIFs) during its five-year tenure.
Empowering Entrepreneurs in Odisha The launch of the Odisha Startup Growth Fund is aligned with the state government’s vision to make Odisha a preferred destination for entrepreneurs. Currently, Odisha boasts more than 1,700 startups, with 600 of them being led by women. With the introduction of this fund, the government aims to further empower both existing and aspiring entrepreneurs.
Support from Startup Odisha Startup Odisha, established in 2016 with the Odisha Startup Policy-2016, plays a pivotal role in nurturing the startup ecosystem within the state. It collaborates with various agencies and incubators to provide support and resources to startups. Additionally, the government plans to expand the number of incubators in the state, striving to establish one in each district.
Future Goals The government has set ambitious goals, aiming to foster 5,000 startups in Odisha by 2025. Initiatives such as Startup Yatra 2023 and Startup Express 2023 have been rolled out to achieve this objective. Moreover, grants have been approved for startups across diverse sectors, including agritech, food and beverages, HRtech, enterprise technology, retail, education, and logistics.
The Odisha Startup Growth Fund is expected to play a pivotal role in catalyzing entrepreneurship and innovation in the state, contributing to its economic growth and development.