More than 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. SISFS 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.
According to Minister of State for Commerce and Industry Som Parkash, about Rs 477 crore of a Rs 945 crore corpus money has been approved to incubators under the SISFS (Startup India Seed Fund Scheme) as of 31st of December 2022.
“Under the Scheme, Rs. 477.25 crore has been authorised to 133 incubators, of which Rs. 211.63 crore has been released as on 31st December 2022,” the minister said in a written reply to a Rajya Sabha question.
Startup India’s fagship schemes—Fund of Funds for Entrepreneurs (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS)—provide assistance to startups at various phases of their business cycle.
Following that, entrepreneurs might seek funding from angel investors or venture capitalists, as well as loans from commercial banks or financial institutions.
The SISFS (Startup India Seed Fund Scheme), which will be implemented on 1st of April 1, will give financial support to qualifying DPIIT (Department for Promotion of Industry and Internal Trade) recognised startups for proof of concept, prototype development, product trials, market entry, and commercialization.
This allows businesses to progress to the point where they may seek financing from angel investors or venture capitalists, as well as loans from commercial banks or financial institutions.
The Centre also holds yearly exercises and programmes such as States’ Startup Ranking, National Startup Awards, and Innovation Week, all of which contribute to the overall development of the startup ecosystem.
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