Rs 945cr plan: Third party to assess seed fund scheme for startups

New Delhi, Jan 7, 2023

The department for promotion of industry and internal trade (DPIIT) is in the process of undertaking a third-party assessment of Startup India Seed Fund Scheme to see its impact on the ground, a senior government official said on Friday.

The Rs 945-crore scheme was launched in 2021. It aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialisation.

The fund was divided into four years for providing seed funding to eligible startups through eligible incubators across India.

DPIIT joint secretary Shruti Singh said, though the department has received “good” feedback from incubators and startups on the scheme, “we are still doing a third-party assessment so that somebody on ground can go and see”. Over 85,000 startups have been registered with DPIIT, she told reporters. Startup India was launched by the government on January 16, 2016.

[The Times of India]