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Indian start-ups can now raise 100% funds from an FVCI
Aug '17
Indian start-ups can now raise cent per cent funds from a foreign venture capital investor (FVCI), says the commerce ministry’s consolidated foreign direct investment (FDI) policy document released recently. Start-ups can issue equity and equity-linked or debt instruments to FVCIs against foreign remittance and convertible notes to a person residing abroad.

The ministry’s department of industrial policy and promotion (DIPP) has for the first time included start-ups in its FDI policy document.

A person residing outside India, except citizens of Pakistan and Bangladesh, will be permitted to purchase convertible notes issued by an Indian start-up for an amount of Rs 25 lakhs or more in a single tranche.

Non-resident Indians (NRIs) can also acquire convertible notes on non-repatriation basis with government approval and will have to furnish reports as prescribed by the Reserve Bank of India (RBI), said the document.

The government has in the past year liberalised FDI policy in about a dozen sectors, including civil aviation, real estate, private security agencies, defence and media. (DS)

Fibre2Fashion News Desk – India

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