Govt. approves Rs375cr for over 100 incubators under Startup India Seed Fund

Out of a total capital of Rs. 945 crore, Rs. 375.25 crore has been approved to 102 incubators under the Startup India Seed Fund Scheme. The authorized incubators have sanctioned a total of Rs 81.45 crore for the 378 DPIIT recognized businesses.

Som Parkash, Minister of State for Commerce and Industry has announced the approval granted for Rs. 375.25 crore to 102 incubators under the Startup India Seed Fund Scheme (SISFS).

The minister informed, in a written reply in the Rajya Sabha on Friday,  that the funds have been approved out of a total capital of Rs. 945 crore as of July 30, 2022.

The Scheme has granted a total of Rs 81.45 crore for the 378 DPIIT recognized businesses by the approved incubators.

Two incubators from Sikkim and Assam have been authorized for a total of Rs 5 crore in recognition of the North Eastern States.

In addition, the authorized incubators have granted a total of Rs 1.15 crore for 9 DPIIT-recognized firms from North Eastern States.

The government will begin implementing SISFS on April 1, 2021. It offers financial help to qualifying companies recognized by the Department of Promotion of Industry and Internal Trade (DPIIT) for proof of concept, prototype development, product testing, market entrance, and commercialization.