The Rajasthan government has unveiled a major financial initiative to boost the state's startup ecosystem, announcing a Rs 100 crore Fund of Funds (FoF) ahead of the prestigious TiE Global Summit and DigiFest scheduled for Jaipur. The details were revealed by state IT secretary Ravi Kumar Surpur on Wednesday, setting the stage for the three-day event beginning January 4.
A Major Boost for Rajasthan's Startup Ambitions
The newly announced Rs 100 crore Fund of Funds is designed to act as a catalyst, combining government resources with private sector capital. The primary objective is to provide critical growth funding to emerging startups, recharging the entrepreneurial landscape across the state. The fund is seeded with an initial Rs 33 crore from the government, with a clear mandate to mobilize at least double that amount from market-linked investors.
"The programme seeks to combine govt resources with private sector capital to provide startups with critical growth funding," stated Surpur. By leveraging SEBI-registered Alternative Investment Funds (AIFs), the government's strategy aims to significantly multiply the impact, potentially tripling the initial outlay through private co-investment.
TiE Global Summit: A Confluence of Leaders and Innovators
The fund announcement coincides with the upcoming TiE Global Summit and DigiFest in Jaipur from January 4. The event promises to be a grand gathering of industry leaders, policymakers, and entrepreneurs. Mahavir Sharma, convener of the summit, released a list of over 100 distinguished speakers set to grace the occasion.
The summit will witness high-profile participation, including:
- Chief Minister of Rajasthan, Bhajan Lal Sharma.
- Chief Minister of Madhya Pradesh, Mohan Yadav.
- Union Ministers Ashwini Vaishnaw and Jitin Prasada.
- State Minister for Industries, IT, and Sports, Rajyavardhan Singh Rathore.
Financial Framework and Implementation
Providing further details on the fund's operational framework, DoIT commissioner Himanshu Gupta noted that the state finance department had already cleared Rs 4,112 lakh allocated for three years to support the FoF. A key condition of the fund's structure requires participating private funds to invest twice the amount committed by the government, ensuring substantial leveraged investment into the startup sector.
This strategic move positions Rajasthan as a serious contender in the national startup arena, using the TiE Global Summit as a platform to signal its commitment to fostering innovation and business growth. The event itself is expected to drive significant discussions on technology, entrepreneurship, and digital transformation, aligning perfectly with the state's new financial impetus for startups.
