India, Feb. 14 -- The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved Rs.10,000 crore Startup India Fund of Funds 2.0 to further facilitate mobilising venture capital for the country's startup ecosystem after the success of the first version of Fund of Funds for Startups (FFS 1.0).

"The scheme is designed to accelerate the next phase of India's startup journey by mobilising long-term domestic capital, strengthening the venture capital ecosystem, and supporting innovation-led entrepreneurship across the country," a statement issued on Saturday by the Cabinet secretariat after the meeting said.

Launched under the Startup India initiative, FFS 2.0 builds on nearly a decade of sustained efforts to make the country one o...