The selected startups will be offered up Rs 20 lakhs as a grant for proof of concept and up to Rs 50 lakhs through convertible debentures or debt or debt-linked instruments for commercialization of the product, DPIIT said.
The Startup India Seed Fund, which has a target corpus of Rs 945 crore to be disbursed over five years in early-stage startups, is looking to support around 3,600 entrepreneurs through 300 incubators, according to its implementing body Department for Promotion of Industry and Internal Trade (DPIIT). The investment will be made in eligible startups in order to support their proof of concept, prototype development, product trials, market-entry, and commercialization. The Commerce Ministry had last week notified the scheme days after Prime Minister Narendra Modi had announced the fund at the Startup India’s international summit Prarambh. The scheme is likely to be implemented on April 1, 2021.
Source: Financial Express
