SIDBI

Why we picked it SIDBI's own page lays out how its Fund of Funds machinery actually works: it does not write you a cheque directly, it capitalises SEBI-registered AIFs (the Fund of Funds for Startups, the ASPIRE Fund for MSMEs, and state funds) which are then mandated to deploy into startups. Read this so you understand you reach SIDBI money through the funds it backs, and target the right AIFs rather than applying to SIDBI cold.

SIDBI Fund of Funds and technology development schemes overview

From SIDBI by Small Industries Development Bank of India (SIDBI) 8 min read

• SIDBI runs the Rs 10,000 crore Fund of Funds for Startups (DPIIT), the ASPIRE Fund, and state funds by contributing to SEBI-registered AIFs, not by investing in startups directly.
• Backed AIFs must deploy at least twice the SIDBI contribution into Startup India-recognised startups, so recognition is your entry ticket.
• The right move is to identify and approach the AIFs that draw from these funds, since that is the layer that actually invests in your company.