Startup Odisha, an initiative of the MSME Department of the Government of Odisha introduces Rs 100 Crore Odisha Startup Growth Fund (Fund of Funds) with Small Industries Development Bank of India (SIDBI) as the fund manager. This fund is truly unique due to its perpetual nature. When the initial corpus of Rs 100 crore will be exhausted, the state government would consistently replenish the fund, ensuring continuous, long-term support for startups.
SIDBI will serve as the fund manager for the Odisha Startup Growth Fund (Fund of Funds), responsible for shaping its investment strategy and managing its portfolio. Established by the Government of Odisha as part of its Fund of Funds initiative, the OSGF is dedicated to investing Rs 100 crore over five years through Alternative Investment Funds (AIF) in Odisha-based startups.
Anu Garg, IAS Development Commissioner cum Additional Chief Secretary, said, “Our endeavour through the launch of Odisha Startup Growth Fund is to make Odisha the preferred destination for entrepreneurs. Together, we are paving the way for innovation to flourish, startups to thrive, and the MSME ecosystem to grow even stronger. In this dynamic environment, Startup Odisha is adding to the inclusiveness of the Odisha growth story.”
Omkar Rai, Executive Chairman, Startup Odisha, said, "This fund symbolizes our unwavering commitment to nurturing innovation, catalysing job creation, and propelling our startups to succeed both at the national and global levels. We are crafting a future where Odisha would be recognized as a beacon of entrepreneurial excellence.”
S. Ramann, Chairman and Managing Director, SIDBI said, "We are extremely glad to be working with Startup Odisha and support the growth of Odisha's startup ecosystem. Through financial support and guidance, we will empower startups to thrive as well as make significant contributions to Odisha's economic landscape. This partnership will add another layer to our efforts, setting the stage for the state to become a startup funding hotspot in the next 5-10 years. SIDBI is aiming to continue to act as a catalyst to mobilise domestic capital for country’s startup ecosystem.”
Odisha Startup Growth Fund (OSGF) operates as a Fund-of-Funds Vehicle, designed to offer co-investment assistance along with a centralized tracking and implementation mechanism. The predominant financial instruments utilized by OSGF prioritize equity or quasi-equity investments, reflecting its commitment to nurturing long-term growth and sustainability within the startup ecosystem.
Odisha boasts a flourishing startup landscape, home to over 1700 dynamic startups, including over 600 women-led enterprises. This thriving ecosystem is supported by 15 nodal agencies, 27 incubators, and a centralized incubator ‘O-Hub’.