look news india
Bhubaneswar: The state government on Saturday launched the Rs 100-crore Startup Odisha Growth Fund (OSGF) with Small Industries Development Bank of India (SIDBI) as the fund manager. Officials said that after the initial fund of Rs 100 crore is exhausted, the government will continuously replenish the fund, ensuring continued long-term support for the startups.
SIDBI Growth will act as the fund manager for the fund and will be responsible for shaping its investment strategy and managing its portfolio. OSGF (Fund of Funds) is dedicated to investing Rs 100 crore over five years through Alternative Investment Funds (AIFs) in Odisha-based startups. This collaboration is set to play a vital role in boosting the MSME sector, which contributes 33 per cent to India’s GDP and generates over 120 million jobs.
Development Commissioner Anu Garg said, “Our endeavor with the fund is to make Odisha a preferred destination for entrepreneurs. Supporting such initiatives will help budding entrepreneurs grow, startups grow and the MSME ecosystem grow stronger.”
Omkar Rai, Executive Chairman, Startup Odisha, said, the fund will promote a vibrant startup ecosystem in Odisha. “This will help spur innovation, boost job creation and inspire our startups to succeed both nationally and globally. We are creating a future where Odisha will be recognized as an epitome of entrepreneurial excellence,” he said.
Odisha currently has 1,700 startups, including 600 women-led enterprises. The ecosystem is supported by 15 nodal agencies, 27 incubators and a centralized incubator ‘O-Hub’ providing approximately four lakh square feet of incubation space.