28 February 2017 Current Affairs: An expert committee set up by SIDBI, Venture Capital Investment Committee (VCIC) has sanctioned Rs 300 crore to fund managers who would invest in startups, thus taking the total sanctions in 2016-17 to over Rs 1,100 crore.
In its 7th meeting on the February 11, VCIC examined requests from 11 fund managers and cleared sanction requests from 9 Funds aggregating Rs 300 crores.
SIDBI’s VCIC comprises of former Infosys CFO Mohandas Pai, former Nasscom chief Kiran Karnik, Indian Angel Network Founder Saurabh Srivastava, Founder ofInfo EdgeSanjeev Bikhchandani, among others..
During fiscal year 2014-15 sanctions were made to 11 funds (Rs 314 crores) while in 2015-16 sanctions were made to 16 funds (Rs 607 crores).
During the current financial year, till date Rs 1,112 crores has already been sanctioned to 30 funds