New Delhi, Nov 15 (IANS) The Electronics Development Fund (EDF) has invested Rs 257.77 crore in eight Daughter Funds, which have supported tech startups and created over 23,600 jobs in India, the government said on Saturday.

The Daughter funds supported by EDF have deployed Rs 1,335.77 crore across 128 startups and ventures, which have created or acquired 368 intellectual properties (IPs), according to an official statement.

EDF generally maintains a minority participation in each Daughter Fund, encouraging greater private investment and professional fund management.

The supported startups operate in frontier areas such as Internet of Things (IoT), Robotics, Drones, Autonomous Vehicles, HealthTech, Cyber Security, and Artificial Intelligence and Machine Learning, positioning India as a hub for advanced technological innovation.

Out of the 128 supported startups, Daughter Funds have exited from 37 investments, from which it has generated returns of Rs 173.88 crore.

By enabling access to risk capital, EDF has supported startups working on advanced technologies and contributed to expanding domestic design and intellectual property creation, the government said.

These Daughter Funds, in turn, provided risk capital to startups and companies developing new technologies. Investment Managers of Daughter Funds are given flexibility and autonomy to raise corpus, make investments, and monitor portfolio performance.

To foster research and development in electronics, nano-electronics, and information technology by supporting market-driven and industry-led innovation.

Launched on February 15, 2016, EDF aims to promote research, development, and entrepreneurship in the fields of electronics, nano-electronics, and information technology.

The fund focuses on enhancing India’s capacity for indigenous design and development in the Electronics System Design and Manufacturing (ESDM) sector.

EDF also aims to enable the acquisition of foreign technologies and companies where such products are imported in large volumes, promoting self-reliance and reducing import dependence.

–IANS

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