Government allocates Rs 611 crore to incubators under Startup India Seed Fund Scheme
- ByStartupStory | May 3, 2023
An official announced on Tuesday that the government has allocated Rs 611 crore for incubators, out of which Rs 61 crore has been released to startups through the Seed Fund Scheme. Launched in April 2021, the Startup India Seed Fund Scheme has a corpus of Rs 945 crore.
The Startup India Seed Fund Scheme (SISFS) was launched in April 2021 with a corpus of Rs 945 crore, divided over the next four years till 2025. The fund provides seed funding to eligible startups through eligible incubators across India, for activities such as proof of concept, prototype development, product trials, market entry, and commercialization. So far, Rs 611 crore has been allocated to incubators, of which Rs 61 crore has been released to startups under the seed fund scheme, according to an official statement on Tuesday.
According to Manmeet Nanda, Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), the Startup India Seed Fund Scheme (SISFS) has completed two years and is contributing to the promotion of innovation. The scheme has approved Rs 611 crore to 165 selected incubators, over the next four years, for providing seed funding to eligible startups. This fund aims to help startups in various stages such as proof of concept, prototype development, product trials, market entry, and commercialisation.
Joint Secretary at the Department for Promotion of Industry and Internal Trade (DPIIT), Manmeet Nanda, has stated that over 1,000 startups have benefited from the Startup India Seed Fund Scheme (SISFS) since its launch two years ago. The scheme, which has a corpus of Rs 945 crore, provides financial assistance to eligible startups through incubators across India. Nanda added that the DPIIT will request additional funds if necessary and that the department is conducting a third-party assessment of the scheme to assess its impact.
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