Software Technology Parks of India to launch a VC fund to support start-ups

 

Software Technology Parks of India (STPI), an Autonomous Society set up by the Ministry of Electronics and InformationTechnology(MeitY), will float a venture capital fund to support startups & entrepreneurs from the tier II and III cities to launch new technology products.

This comes in the backdrop of technology products exports expected to increase 7-8 times in the next five years from $10 billion now as envisioned in National Policy on Software Products (NPSP).

Omkar Rai, Director General, SoftwareTechnology Parks of India (STPI) said that one of the prime focus of STPI is to disperse the industry to Tier-II and III cities and to develop & nurture the eco-system for supporting startups & MSMEs.

Meanwhile, despite the pandemic STPI has given approval for 84,360 certificates, whose export value is estimated to be around Rs 46,556 crore during the lockdown. It also took a series of initiatives to help IT/ITeS companies to navigate the current pandemic. In the last couple of months, especially during the pandemic STPI has taken various initiatives including launching of six centers of excellence (CoEs) in emerging technologies and 10-15 more CoEs are in pipeline.

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