Startup India: Centre's Rs 945 cr seed fund to back 3,600 entrepreneurs

The Startup India Seed Fund, which has a target corpus of Rs 945 crore to be disbursed over five years in early-stage startups, is looking to support around 3,600 entrepreneurs through 300 incubators, according to its implementing body Department for Promotion of Industry and Internal Trade (DPIIT). The investment will be made in eligible start-ups in order to support their proof of concept, prototype development, product trials, market-entry, and commercialization.

The Commerce Ministry had last week notified the scheme days after Prime Minister Narendra Modi had announced the fund at the Startup India’s international summit Prarambh. The scheme is likely to be implemented on April 1, 2021.

These 3,600 entrepreneurs will represent DPIIT-registered startups across sectors and incorporated not more than two years ago at the time of applying for the scheme.