Rs 1,000-crore angel fund to boost 10K start-ups in Uttar Pradesh

The Uttar Pradesh (UP) government has created an angel fund of Rs 1,000 crore to facilitate setting up 10,000 start-ups across sectors. So far, 6,800 start-up ventures come up with Noida, Ghaziabad, and Lucknow leading the pack.

According to a UP government spokesperson, incubators in fintech, education, health, agriculture, textile, and IT/IT-enabled services have been set up. The incubators aim to boost UP’s entrepreneurial talent and provide young entrepreneurs an inclusive start-up ecosystem. They will not only promote start-ups, but also give a push to mass employment opportunities and attract private investment.

Till now, 15 incubators have come up in state universities, engineering colleges and private institutions. In fact, India’s largest start-up incubator is in the works in Lucknow. “An innovation hub has also been made operational, which supports more than 200 start-ups even as eight other ventures are being handled by the multi-specialty Sanjay Gandhi Post Graduate Institute of Medical Sciences, Lucknow,” he added. At least one incubator will be set up in each of the 75 districts of UP.

Earlier, the government had plans to set up a Fintech City over 100 acres in the Noida-Greater Noida corridor. Currently, about 240 fintech start-ups are operational in the region dedicated to digital lending, payments, blockchain and digital wealth management.

Some of these firms include Pine Labs, Spice Money, Paytm Payments Bank, Advisorymandi, DiGiSPICE, OneCode, Wishfin, GramCover, FanTiger, Marquee Equity, Easypolicy, Buddy4Study, Oye Loans, PayMe India, PortDesk, Nivesh.com.