The Software Technology Parks of India (STPI), responsible for promoting software exports, is planning to float a fund to provide angel funding to IT and electronics startups in the country. The development was confirmed by Omkar Rai, Director General, STPI. "We are trying to come up with\u00a0angel funding\u00a0management, for which a proposal has been submitted to the government. If anything has to come up, it should be within March\u00a02017," said Rai. He further added that the STPI will try to include various financial institutions and alternate fund managers to contribute to the fund. It will also form a special purpose vehicle to start investing in startups. It can utilise various funds launched by the government, to bring in money into the fund and together with the private partners' fund, will invest in startups. With this new initiative, STPI aims to promote entrepreneurship in Tier II and III cities. Last year STPI\u00a0announced its plans\u00a0to build massive infrastructure across Tier I, II cities all across the country. According to the strategy, the autonomous body under the Ministry of Communications and IT\u00a0was planning to build a huge\u00a01.5 Mn sq. ft.\u00a0of space across almost 53 cities in the country. The development was\u00a0reported\u00a0by Business Standard.