Rs 945cr plan: Startup seed funding programme to be evaluated by a third party
- ByStartupStory | January 7, 2023
A senior government official stated on Friday that the Department for Promotion of Industry and Internal Trade (DPIIT) is now conducting a third party assessment of the Startup India Seed Fund Scheme to determine its impact on the ground.
In 2021, the Rs 945 crore system was launched. It seeks to offer funding to entrepreneurs for market entry, product testing, prototype creation, proof of concept, and commercialization. For the purpose of giving qualifying firms seed money through approved incubators located around India, the fund was divided into four years.
Shruti Singh, a joint secretary at DPIIT, stated that despite the department receiving “excellent” feedback on the programme from incubators and businesses, “we are still doing a third party assessment so that somebody on ground can go and see”.
She informed the reporters present that the DPIIT has over 85,000 startups registered.
On January 16, 2016, the government unveiled Startup India. The government has developed Fund of Funds and Startup India Seed Fund schemes under Startup India to give finance at different phases of a startup’s business cycle.
She added that as of right now, the Alternate Investment Funds had received roughly Rs 7,900 crore under the Rs 10,000 crore Fund of Funds scheme.
When the scheme runs out of money by 2025, the department would want to ask the finance ministry for further funding, she continued.
Similar to this, out of the Rs 945 crore Startup India Seed Fund Scheme, Rs 455.25 crore have been authorized to 126 incubators, of which Rs 186.15 crore have been disbursed as of November 30.
Singh added that the MAARG portal will be operational starting on January 16. A one-stop platform called Mentorship, Advisory, Assistance, Resilience and Growth (MAARG) enables mentorship for entrepreneurs across various industries, roles, stages, locations, and backgrounds.
The week of January 10–16 is being observed as Startup India Innovation Week by DPIIT. To further develop the startup, a number of seminars and workshops will be held under this in various regions of the nation.
She added, “Startup India Innovation Week 2023 aims to engage startup ecosystem stakeholders across the nation during January 10-16 and spur the spirit of entrepreneurship and innovation in India.”
Follow Startup Story
Related Posts
