Startup India Seed Fund Scheme: The scheme Startup India Seed Fund Scheme was launched by the department for promotion of industry and internal trade (DPIIT) on 9th April 2021 with an outlay of INR 945 crore two provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization. Eligible startups can apply for the scheme on the startup India portal. The seed fund will be disbursed to selected startups through eligible incubators across India.
Startup India Seed Fund Scheme 2024
To create a strong startup ecosystem, the Government of India launched the startup India seed fund scheme on 16th January 2016 to provide entrepreneurs with opportunities to grow their venture. The lunch of this scheme was announced by our honorable prime minister Mr Narendra Modi. Through this scheme, financial assistance up to Rs 50 lakhs will we provided to start ups in the early stage throw incubators. The government has allocated a budget of Rs 945 crores for this scheme.
This fund will be used for proof of concept, prototype development, product testing, market entry and commercialization. Understand UP India seed fund scheme the government is going to provide funds to incubators. Incubators will be responsible for further providing these funds to startups. In the next 4 years, 3600 entrepreneurs will benefit from the startup India seed fund scheme through 300 incubators.
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Key Highlights of Startup India Seed Fund Scheme
| Scheme name | Startup India Seed Fund Scheme |
| Launched by | Central government |
| Launched on | 16 January 2016 |
| Objective | to provide funds for startup |
| Beneficiaries | entrepreneurs |
| Year | 2024 |
| Official website | https://seedfund.startupindia.gov.in/ |
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Objective of Startup India Seed Fund Scheme
Startup India seed fund scheme main objective of to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization. This word enable these 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.
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Benefits and Features of Startup India Seed Fund Scheme 2024
- The Government of India has launched the startup India seed fund scheme 2024 to create a startup ecosystem.
- This scheme was launched on 16th January 2016 to provide entrepreneurs with opportunities to grow their venture.
- The announcement to launch this scheme was made by our honorable prime minister Mr Narendra Modi.
- Under this scheme financial assistance up to Rs 50 lakh will be provided to start ups in the early stage through incubators.
- The government has allocated a budget of Rs 945 crore for this scheme.
- This fund will be used for proof of concept, prototype development, product testing, market entry, commercialization etc.
- The government is going to provide funds to the incubators and the incubators will be responsible for providing these funds to the startups.
- In the next 4 years 3600 entrepreneurs will get benefit from this scheme through 300 incubators.
Investment
- Grants up to Rs 20 lakh for validation of proof concept, prototype development, product trials are dispersed in milestone-based installments.
- Investment up to Rs 50 lakh for market entry, commercialization, expansion through convertible debentures or loans aur debt linked instruments.
- The startup applicant can receive seed support each in the form of grants and/or loans/convertible debentures as per the scheme guidelines.
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Factors Determining the Successful Implementation of Startup India Seed Fund Scheme
- Progress of market launch
- Progress of product development
- Progress of prototype development
- Progress of field trial
- Progress of proof of concept
- Quantum of loan
- Turnover of startup
- Jobs created by startup
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Guidelines for Assistance to Incubators
- The expert advisory committee will be responsible for will be responsible for disbursing the grants to the incubators.
- The expert advisory committee will disburse grants up to Rs 5 crore to the incubator in three or more installments.
- The expert advisory committee has the right to decide the amount of grant support.
- The incubator can use the grant only to disburse to eligible startups.
- 5% of the seed fund grant will also be provided to the incubator for management fees.
- The first installment of grant provided to the incubator will be up to 40% of the total sectioned amount.
- The expert advisory committee will release the amount of the next installment within 30 days after submission of proof.
- From the date of receipt of the first installment the assistance amount should be utilized by the incubator within 3 years.
- The startups selected under this scheme are not required to pay any kind of fee.
- The incubator will have to provide physical instafracture to the startups to maintain regular functioning support, growth etc.
- The incubator is also responsible for providing networking with investors.
- The incubator should maintain a transparent process of selection of startups will have to keep.
Eligibility Criteria
- The startup should be recognized by DPIIT and should not be more than 2 years old.
- Individual entrepreneurs are ineligible for this scheme.
- The startup should not have received monetary assistance of more than Rs 10 lakh under any other Central or state government scheme.
- The shareholding pattern should be at least 51% by Indian promoters.
- The startup should have a business model and should have a solid commercialization strategy and road map to market.
- Innovative solutions in sectors such as social impact, waste management, water management, financial inclusion, education, agriculture, food processing, biotechnology, healthcare, energy, mobility, defense, space, railways, oil and gas, textiles are preferred.
- The startup applicant can receive seed support each in the form of grant and loan/convertible debentures as per the scheme guideline.
Required Document
- Aadhar card
- GST number
- Lease agreement
- Passport size photograph
- Detail report of the project
- Mobile number
Startup India Seed Fund Scheme Application Process
- First of all, you visit the official website.
- The homepage will open in front of you.
- On the homepage you have to click on “Apply now”.
- After that you have to click on apply now under the “Startup section”.
- After that application form will appear before you.
- In this application form have to enter all the required details like your name, email, address, mobile number etc.
- After that you have to upload all required document.
- Now you have to click on submit button.
- Buy following this procedure you can apply as a startup under the startup India seed fund scheme.
Startup India Seed Fund Scheme Login Process
- First of all, you visit the official website.
- The homepage will open in front of you.
- Now you have to click on the Login button.
- After that you have to choose your category which is Rs follows:-
- Incubator/startup
- DPIIT/EAC
- Now you have to enter your username and password.
- After that you have to click on the login.
- Why following this procedure you can login in to the portal.