TIFAC Launches Revolving Technology Fund For MSMEs
by Irfan Khan
Technology Information, Forecasting and Assessment Council(TIFAC) has set up a Rs30Cr 'Revolving Technology Innovation Fund' with SIDBI for funding MSMEs for development, up-scaling, demonstration and commercialization of innovative technology based projects. SIDBI will manage the fund on behalf of TIFAC.
The fund will provide capital asistance upto 80% of the total project cost, which should not be more than Rs1 Cr.
Foraying into the financial services space, ecommerce site Snapdeal (run by Jasper Infotech) has acquired a majority stake in Gurgaon based Tetra Media Pvt. Ltd which runs digital financial products distribution platform, RupeePower. The financial details of the deal remain undisclosed.