Startup India Seed Fund Scheme provides financial assistance to startups

New Delhi [India], February 9 (ANI): The Startup India Seed Fund Scheme (SISFS) provides financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization through eligible incubators, a press release from the Ministry of Commerce and Industry stated.
As per provisions under the SISFS, the Experts Advisory Committee (EAC) evaluates and selects incubators for allocation off undsunder the Scheme. The approved incubators shortlist the startups in accordance with the guidelines of the Scheme. The Scheme has been operationalized from April 1, 2021.
As on December 31, 2023, 198 incubators have been selected under the Scheme with a total approved funding of Rs 802.98 crore. The State or Union Territory (UT)-wise list of number of the selected incubators is placed as Annexure I, the release read.
The approved incubators have selected 1,740 startups with a total approved funding of Rs 306.43 crore as on December 31, 2023. The State or UT-wise details of the number of startups selected by the approved incubators in the last three years viz 2021, 2022, and 2023 is placed as Annexure II.
The State or UT- wise details of the amount of funding approved for startups in the last three years viz 2021, 2022, and 2023 is placed as Annexure III, the release read.
Under the Startup India initiative, direct financial assistance is not provided to States or UTs.
This information has been provided by the Union Minister of State for Commerce and Industry, Som Parkash in a written reply in the Rajya Sabha on Friday, the release said, the release stated. (ANI)