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Modi government launches IAF and SMILE to give big boost to startups

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By NewsGram Staff-Writer

Mumbai: On Tuesday, Modi government launched the India Aspiration Fund (IAF) that will give a big boost to startup initiatives across the country. The Finance Minister, Arun Jaitely, launched the IAF under the Small Industries Development Bank of India (SIDBI) that will act as a fund of the funds.

Photo Credit: http://www.livemint.com
Photo Credit: http://www.livemint.com

The government has already set aside an initial corpus of Rs 400 crore to various venture funds under it, according to a report published in Economic Times.

The IAF is supposed to have committed around Rs 60 Crore, Rs 30 Crore, and Rs 20 Crore to IvyCap Ventures, Blume Ventures, and Carpediem Capital Partners respectively.

ET report quotes Arun Jaitely as saying: “India is witnessing a startup revolution and to harness the potential of India’s innovators and entrepreneurs a vibrant financial ecosystem is essential. IAF will play a vital role in this financial ecosystem.”

As the IAF fund follows sectoral allocation of funds, it is likely to provide a big boost in the form of investment to even those sectors that are not hot today for venture funds.

Arun Jaitely also launched SMILE, the “SIDBI Make in India Loan for Small Enterprises” scheme with an allocation of around Rs 10,000 crore. The scheme aims to provide soft loans as well as term loans on relatively soft terms to Micro, Small and Medium Enterprises (MSME), according to the ET report.

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‘ScaleUp’ Programme By Microsoft Extends Support to 18 Startups in 12 Months

The Microsoft ScaleUp programme has shaped several startups in their journey to being enterprise ready

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Microsoft
Microsoft helps accelerate their startup journeys through mentorship, streamlined go-to-market (GTM) activities and access to world-class technology resources. Pixabay

Microsoft on Wednesday announced its “ScaleUp” programme has extended support to 18 startups in the last 12 months. The selected startups are focused in the areas of fin-tech, Blockchain, health-tech and IoT, among others.

The “ScaleUp” prigramme provides startups access to world-class technology, mentorship and other community benefits that further their expansion on a global scale, the company said in a statement.

“Globally, the success story of the startup ecosystem in the region is drawing great attention. The Microsoft ScaleUp programme has shaped several startups in their journey to being enterprise ready,” said Lathika Pai, Country Head, Microsoft for Startups, MENA and SAARC.

While Finbox is a comprehensive financial intelligence platform, Paanini is an innovative AI technology company.

Linear Squared is a Machine Learning-focused company building SaaS products while Whizpace is a wireless communication solutions provider.

Furing the engagement spanning eight to 12 months, the selected startups have opportunities to regularly engage with industry experts and leverage the Microsoft Partner Network for business growth.

Microsoft helps accelerate their startup journeys through mentorship, streamlined go-to-market (GTM) activities and access to world-class technology resources, said the company.

Microsoft
Microsoft on Wednesday announced its “ScaleUp” programme has extended support to 18 startups in the last 12 months. The selected startups are focused in the areas of fin-tech, Blockchain, health-tech and IoT, among others. Pixabay

Worxogo is a neuroeconomics and AI startup with an AI coach while Smarten Spaces is a technology company that has built an end-to-end AI and IoT platform to make spaces easy to work, explore or live in.

JusPay is a full-stack digital payments platform that enables secure and frictionless payment experiences, enabling organizations to scale their online payments with a fully-managed SaaS platform.

ALSO READ: Not Boiled Coffee But Filtered Coffee May Protect you from Type 2 Diabetes: Study

The Microsoft “ScaleUp” programme supports Seed or Series A funded B2B and select B2C tech-enabled startups to co-sell with Microsoft sales teams, get access to top tech VCs globally and receive mentorship from the startup ecosystem. (IANS)