LIC, EPFO keen to set up fund for startups

New Delhi: Life Insurance Corporation of India (LIC) and Employees' Provident Fund Organisation (EPFO) have expressed their willingness to set up funds for startups to help budding entrepreneurs, a senior official said on Monday.

Additional Secretary in the Department for Promotion for Industry and Internal Trade (DPIIT) Anil Agrawal said it was decided that a portal will be developed by the Small Industries Development Bank of India (SIDBI) for funding purposes of startups.

These issues came up in the meeting of the National Startup Advisory Council. Agrawal said several initiatives are underway to strengthen the startup ecosystem in the country. About 16 programmes have been identified for the sector and it was shared with all the members of the council, he told PTI.

Agrawal also said that Manoj Kohli from SoftBank wants to make a national mentorship programme. "Today chairman LIC was there (in the meeting). He committed to set up a fund for startups," he said, adding EPFO too has expressed the willingness for setting up a similar investment fund for startups. Further, he said high net-worth individuals would be onboarded to become angel investors as India has only 6,000 angel investors, while the US has 3 lakh.