Startup India Seed Fund Scheme Has Approved

 The Startup India Seed Fund Scheme (SISFS) has been approved for a period of four years starting from 2021-22.

Startup India Seed Fund Scheme:

♦ The scheme aims to provide financial assistance to start-ups for proof of concept, prototype development, product testing, market entry and commercialization.

♦ It will be effective from April 1, 2021.

♦ In the next 4 years, Rs. 945 Crore corpus will be divided and to provide seed funding for qualified start-ups through qualified incubators across India.

♦ The scheme is expected to support approximately 3,600 startups.

♦ The implementing agency of the scheme is the Department for Promotion of Industry and Internal Trade (DPIIT).

♦ These 3,600 entrepreneurs will represent start-ups in various industries registered by DPIIT and were established not more than two years ago when applying for the scheme.

♦ The selected start-up company will be offered up to Rs 20 lakhs as a grant for proof of concept and provide up to Rs 50 lakhs to commercialize products through convertible debentures or debt or debt-linked instruments.

♦ The start-ups selected under the scheme are preferably from the following fields: social impact, waste management, water management, financial inclusion, education, agriculture, food processing, biotechnology, healthcare, energy, transportation, defence, aerospace, railway, oil and natural gas, textiles, etc.