The Odisha state government has introduced the Startup Odisha Growth Fund (OSGF), a Rs 100 crore initiative in collaboration with the Small Industries Development Bank of India (SIDBI) as the fund’s manager. This fund aims to provide substantial support to startups in the region, with plans to replenish it once the initial corpus is utilized. SIDBI will oversee the growth fund, managing its investment strategy and portfolio.
Over the next five years, the OSGF, functioning as a fund of funds, will invest Rs 100 crore through alternative investment funds (AIF) in startups based in Odisha. This partnership is poised to significantly boost the Micro, Small, and Medium Enterprises (MSME) sector, which constitutes a substantial portion of India’s GDP and workforce.
Anu Garg, the Development Commissioner, expressed the government’s commitment to positioning Odisha as the preferred destination for entrepreneurs. She emphasized that initiatives like this would empower budding entrepreneurs, foster the growth of startups, and strengthen the MSME ecosystem.
Omkar Rai, the Executive Chairman of Startup Odisha, highlighted the transformative impact of the fund on the local startup ecosystem. He stated that it would encourage innovation, spur job creation, and propel startups to excel on both national and global stages. The aspiration is to establish Odisha as a hub of entrepreneurial excellence.
Currently, Odisha boasts a thriving startup landscape, comprising 1,700 startups, including 600 led by women. This vibrant ecosystem is supported by 15 nodal agencies, 27 incubators, and a centralized incubator known as ‘O-Hub,’ providing approximately four lakh sq ft of incubation space for emerging businesses.