India, Feb. 13 -- In the first set of decisions to come out of the new Prime Minister Office (PMO), Seva Teerth, PM Narendra Modi has approved the second phase of the Startup India Fund of Funds (FoF) scheme with a corpus of Rs.10,000 Cr.

"This will encourage startups in early stages and deeptech research," PM Modi said in a post on X.

The fund of funds scheme was first launched by the Union Government in 2016 under the Startup India action plan, with an initial corpus of Rs.10,000 Cr. At the time, the primary goal of the initiative was to catalyse private investment into Indian startups.

While the FoF does not invest directly in startups, it provides capital to SEBI-registered alternative investment funds (AIFs). These investment vehi...