IIM Ahmedabad's CIIE signed a MoU with Tata Trust for founding partner for the Bharat Fund, which will provide seed funding to Indian entrepreneurs.
CIIE Initiatives, a non-profit company set up by the Indian Institute of Management, Ahmedabad's incubator-cum-angel investor, the Centre for Innovation, Incubation and Entrepreneurship (CIIE), is in talks with the central government and private organisations for establishing a renewable energy (RE) fund.
Prime Minister Narendra Modi will address the India-US Startup Konnect and share his vision on 'Start up India, Stand up India' as part of his US visit later this month.
This will enable the firm, a wholly-owned subsidiary called CIIE Initiatives, to buy stakes in the companies that it incubates by investing its time and resources.
According to a study more than one-fifth of India's product start-ups are from the city.
He said it is natural for India to hold its 1st overseas start up event in the Silicon Valley.
The e-commerce firm recruited 18 post graduate students.
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