FFS: Fund of Funds (via AIFs)

Structure: SIDBI invests in 131+ SEBI-registered AIFs, the AIFs invest in startups; SIDBI contributes max 20% of any AIF's corpus, every ₹1 attracts ₹4+ private capital; 940+ startups funded. Blume Ventures, Chiratae, Omnivore, Fireside among empanelled AIFs; Sector and stage agnostic, seed to growth.

How To Access: You do NOT apply to SIDBI directly. Pitch to empanelled AIFs who invest your sector/stage; Get DPIIT recognised first, AIFs require it for FFS-related investment; List of empanelled AIFs at sidbi.in/ffs; Process: AIF pitch → term sheet → legal → wire. 3-9 months typical. Eligibility: DPIIT recognition required; Pvt Ltd company (AIFs almost never invest in LLP or partnership); Traction, team, and market opportunity, AIF's commercial criteria apply. Government does not dictate investment decisions.; No turnover cap from SIDBI side, individual AIF mandates vary. Term Sheet: Non-binding. Covers valuation, instrument (equity/CCPS/CCD), anti-dilution, board seats, information rights, pro-rata rights. Negotiate hard here. Shareholders Agreement (SHA): Binding. Drag-along, tag-along, ROFR, vesting schedule, liquidation preference. Get a startup lawyer.