Rs 375.25 crore approved to 102 incubators under Startup India Seed Fund Scheme
IndiGlobal Bureau
Under the Startup India Seed Fund Scheme (SISFS) of Centre, Rs. 375.25 crore have been approved to 102 incubators in the country. SISFS is disbursed to eligible Startups through eligible Incubators across India. The approved Incubators have further consented to allocate Rs. 81.45 crore to 378 eligible startups.
The Startup India Seed Fund Scheme (SISFS) is being implemented by the Government with effect from 1st April 2021. It provides financial assistance to eligible Department for Promotion of Industry and Internal Trade (DPIIT) recognised Startups for proof of concept, prototype development, product trials, market entry and commercialization. This enables the Startups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists, or seek loans from commercial banks or financial institutions.
Specifically, from the eight North Eastern States (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura), two incubators (one each from Sikkim and Assam) have been approved a total sum of Rs. 5 crore under the Scheme. Further, 9 Startups from North Eastern States have been approved a total sum of Rs. 1.15 crore by the approved Incubators under the same Scheme.