MIO 3.0: Rs 1,200 cr fund support for Odisha startups

BHUBANESWAR: Odisha government with the help of angel investors and venture capitalists will provide a fund support of over Rs 1,200 crore for the growth of startups in the next five years. Addressing a special session on ‘Startup Odisha’ at Make-in-Odisha conclave on Thursday, MSME Minister Pratap Keshari Deb said the state government will work with the investors and other stakeholders closely to achieve the goal of creating 5,000 startups by 2025. 

“Odisha has already been recognised as a ‘top performer’ in the startup ranking 2021. Our aim is to emerge a leading startup hub in the country through strategic partnerships, conducive investment, and favourable policies,” Deb said. 

He said Odisha already has over 1,400 startups and 25 incubators. Around 40 per cent of these are being led by women. “The government is keen to boost innovation among young people and has initiated several programmes including Startup Yatra 2.0 to motivate youngsters to innovate and fulfil their dreams,” he said. 

Giving more details about the investment in Odisha-based startups, MSME secretary Saswat Mishra said a Fund-of-Funds scheme has been promulgated by Startup Odisha under which alternative investment funds (AIFs) of national and global repute have committed an investment of Rs 950 crore into state-based startups.  “We will soon enter into formal agreement in which the state government will also commit Rs 255 crore investment in startups as a matching grant on the investments done by these AIFs. This Rs 1,205 crore investment support to the Odisha startups will be provided in a period of five years,” he said. 

The Startup Odisha also signed MoUs with SBI, National Law University (NLU) Odisha, Fluid Venture, Headstart and Campus Fund to provide funding, handholding support and legal assistance to startups and entrepreneurs during the event. 

The Startup Odisha during the event extended support of Rs 4.61 lakh crore to 69 startups, while 11 startup ideas were picked as part of Startup Yatra 2.0, and given financial support of Rs 1 lakh each. Four Unicorn founders - Zetwerk co-founder Vishal Chaudhary, NestAway co-founder Amarendra Sahu, Purplle co-founder Rahul Dash and Mogix managing director Partha Dash - were also felicitated during the event.