New Delhi, NFAPost: The Startup India Seed Fund Scheme (SISFS), a flagship scheme under Startup India initiative, has been implemented with effect from 1st April 2021.
Under the Scheme, Rs 477.25 crore has been approved to 133 incubators of which Rs 211.63 crore has been disbursed as on 31st December 2022, Minister of State for Commerce and Industry, Shri Som Parkash said in his reply to a Parliament Question today.
The flagship schemes under Startup India initiative namely, Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) extend support to startups at various stages of their business cycle.
The startups thereafter, are able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions.
The Startup India Seed Fund Scheme (SISFS) has been approved with a corpus of Rs 945 crore for the period of 4 years starting from 2021-22. Under SISFS, as per provisions of the Scheme, the Government has constituted an Experts Advisory Committee (EAC) which is responsible for the overall execution and monitoring of the SISFS.
The EAC evaluates and selects incubators for allocation of funds under the Scheme. The selected incubators thereon shortlist the startups based on certain parameters outlined in Scheme guidelines.
The Government with an intent to build a strong ecosystem for nurturing innovation, startups and encouraging private investments in startup ecosystem of the country launched Startup India initiative on 16th January 2016.
The Government also implements flagship annual exercises and programs including States’ Startup Ranking, National Startup Awards and Innovation Week which play an important role in holistic development of the startup ecosystem.
The Government through stakeholder consultations seeks regulatory and policy related recommendations for enhancing ease of doing business and reducing compliance burden for startup ecosystem. The Government also facilitates participation and engagement of Indian startup ecosystem at international platforms.
The Government has also taken various measures to enhance ease of doing business, raising capital and reducing compliance burden.
The details of the amount allocated and utilized under the Startup India Seed Fund Scheme, State/UT-wise as on 31st December 2022 are as under:
