Aspire Fund

A Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship [ASPIRE FUND]

The Hon’ble Finance Minister in his budget speech 2014-15, proposed allocation of funds of INR200 crore under ‘A Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship [ASPIRE] programme which inter-alia, aims at creating technology centre network, business incubators including Fund of Funds operations for promoting start-up ventures in the agro Industry. In line with above, ASPIRE Fund was set up with SIDBI for carrying out Fund of Funds operations with a corpus of INR60 crore for investments in agri and rural focused enterprises. The Aspire fund provides support to various Angel / Venture Capital Funds (VCFs) for investing in start-ups / early stage enterprises in the areas of innovation, entrepreneurship, forward backward linkage with multiple value chain of manufacturing and service delivery, accelerator support in the agro-based Industry verticals and sectors which would galvanize the rural economy.

The fund size of INR 60 crore has been enhanced to INR 310 crore for a tenure of upto 12 years. The ASPIRE fund has so far committed INR 47.50 Crore.

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