The Rs 945-crore scheme was launched in 2021. It aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization. The fund was divided into four years for providing seed funding to eligible startups through eligible incubators across India.
The Department for Promotion of Industry and Internal Trade (DPIIT) is in the process of undertaking a third party assessment of Startup India Seed Fund Scheme to see its impact on the ground, a senior government official said on Friday.
The Rs 945-crore scheme was launched in 2021. It aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization. The fund was divided into four years for providing seed funding to eligible startups through eligible incubators across India.Joint Secretary in DPIIT Shruti Singh said though the department has received “good” feedback from incubators and startups on the scheme, “we are still doing a third party assessment so that somebody on ground can go and see”.Over 85,000 startups have been registered with DPIIT, she told reporters here.Startup India was launched by the government on January 16, 2016. Under Startup India, to provide capital at various stages of the business cycle of a startup, the government has implemented Fund of Funds and Startup India Seed Fund schemes.She also said that from the Rs 10,000 crore Fund of Funds scheme, about Rs 7,900 crore has been committed to the Alternate Investment Funds so far.The department would want to seek more funds from the finance ministry under the scheme once it is exhausted by 2025, she added.Similarly, from the Rs 945 crore Startup India Seed Fund Scheme, Rs 455.25 crore has been approved to 126 incubators of which Rs 186.15 crore has been disbursed as of November 30.Singh also said the MAARG portal will go live from January 16. Mentorship, Advisory, Assistance, Resilience and Growth (MAARG) is a one stop platform to facilitate mentorship for startups across diverse sectors, functions, stages, geographies, and backgrounds.Further, DPIIT is celebrating January 10-16 as Startup India Innovation Week. Under this, a number of seminars and workshops will be organised in different parts of the country to further strengthen the startup ecosystem.”Startup India Innovation Week 2023 aims to engage startup ecosystem stakeholders across the nation during January 10-16 and spur the spirit of entrepreneurship and innovation in India,” she added.