Over Rs 477 crore, of a Rs 945 crore corpus fund, has been approved to incubators under Startup India Seed Fund Scheme (SISFS) as on 31 December 2022, Minister of State for Commerce and Industry Som Parkash said on Friday.
In a written reply to a question in Rajya Sabha, the minister said, “Under the Scheme, Rs. 477.25 crore has been approved to 133 incubators of which Rs. 211.63 crore has been disbursed as on 31st December 2022.”
Fagship schemes under Startup India–Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS)–extend support to startups at various stages of their business cycle. The startups thereafter, are able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions.
The Startup India Seed Fund Scheme (SISFS), which is being implemented by the government with effect from 1 April 2021, 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 commercialisation.
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.
The Centre also conducts annual exercises and programmes including States’ Startup Ranking, National Startup Awards and Innovation Week which play an important role in holistic development of the startup ecosystem.
“The government through stakeholder consultations seeks regulatory and policy related recommendations for enhancing ease of doing business and reducing compliance burden for startup ecosystem. It also facilitates participation and engagement of Indian startup ecosystem at international platforms,” the Ministry of Commerce & Industry said.