Goyal launches Startup India Seed Fund
New Delhi |
Updated on
OUR BUREAU
Minister of Railways, Commerce and Industry, Consumer Affairs and Food and Public Distribution, Piyush Goyal, launched the Startup India Seed Fund Scheme (SISFS) on Monday.
As per the scheme, a ₹945 crore corpus will be allocated over the next four years for providing seed funding to eligible startups through eligible incubators across India. The scheme is expected to support an estimated 3,600 startups through 300 incubators, stated a release.
The scheme aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialisation. The scheme was announced by the Prime Minister Narendra Modi on January 16, 2021, marking the five-year anniversary of the Startup India initiative, it said.
India, the Prime Minister said, is home to the world s third largest startup ecosystem which has helped several budding entrepreneurs to come up with innovative technologies and become big corporations.