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STARTUP INDIA SEED FUND SCHEME LAUNCHED

STARTUP INDIA SEED FUND SCHEME LAUNCHED

Context

Recently, Startup India Seed Fund Scheme has been launched under the Ministry of Commerce & Industry.

Details

  • Piyush Goyal, Union Minister launched the Startup India Seed Fund Scheme (SISFS).
  • The Fund plans to give monetary help to startups for proof of concept, product trials, prototype development, market entry, and commercialization.
  • The government has passed Rs. 945 Crore corpus for the fund, which will be partitioned throughout the following 4 years starting April 01, 2021, for providing seed funding to qualified startups through qualified incubators across India.

Salient features of Startup India Seed Fund Scheme

  • It has been set up to provide initial capital to the startups. After that start-ups will be provided with the Govt. Guarantees, to help them raise debt capital.
  • It would offer financial assistance to startups for proofs of concept, prototype development, product trials, market-entry, and commercialization of products or ideas.
  • It will offer startups up to Rs. 20 Lakhs as a grant for Proof of Concept. Upto Rs. 50 Lakhs can also be availed through convertible debentures or debt or debt-linked instruments for commercialization.

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