MeitY’s SAMRIDH scheme has supported 175 startups, MoS Rajeev Chandrasekhar tells Lok Sabha

• ByStartupStory     |    July 27, 2023

The Ministry of Electronics and Information Technology (MeitY) has achieved significant progress in promoting a technology-led startup innovation ecosystem in India through its SAMRIDH (Startup Accelerator of MeitY for Product Innovation, Development, and Growth) scheme. According to the Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, a total of 175 startups are set to receive support from close to 22 potential startup accelerators identified across 12 states.

Responding to a query in the Lok Sabha, Minister Rajeev Chandrasekhar stated, “MeitY has undertaken various initiatives and measures to create a conducive environment for promoting deep tech entrepreneurship in the country.” This is the first cohort identified under the SAMRIDH scheme, which aims to support 300 startups through existing and future accelerators, with cohort sizes ranging from 10 to 15 startups each.

The scheme allocates Rs 6 crore for administrative costs to the accelerators, and as of now, Rs 2.25 crore has been utilized. Each startup in the cohort will receive Rs 2 lakh in funding to further their growth and development.

The 22 accelerators selected include prominent names such as IIM-Calcutta Innovation Park, Atal Incubation Center-BIMTECH, C-Camp Bangalore, India Accelerator, Gujarat University Startup and Entrepreneurship Council (GUSEC), among others.

Launched in August 2021, the SAMRIDH scheme aims to provide startups with a platform to enhance their products, secure funding, and scale their businesses. The implementation of the scheme is overseen by the Scheme Management Committee, which includes industry experts like Manipal Education’s TV Mohandas Pai, NASSCOM’s president Debjani Ghosh, iSPIRT’s co-founder Sharad Sharma, NIIF’s managing partner-FoF Anand Unnikrishnan, and Venture Catalysts’ co-founder Apoorv Ranjan Sharma.

MeitY’s SAMRIDH scheme continues to play a pivotal role in nurturing the startup ecosystem and empowering entrepreneurs to drive technological innovation and growth in India.

Follow Startup Story