An investment of up to Rs. 40 lakh to the start-up based on current valuation and growth stage of the start-up will be provided through selected accelerators
Start-up Accelerators of MeitY for pRoduct Innovation, Development and growth (SAMRIDH) programme, which was launched by the Ministry of Electronics & Information Technology will focus on accelerating 300 start-ups by providing customer connect, investor connect, and international immersion in the next three years.
An investment of up to Rs. 40 lakh to the start-up based on current valuation and growth stage of the start-up will be provided through selected accelerators. It will also facilitate equal matching investment by the accelerator/investor.
Government will support startups and entrepreneurs in the most challenging phase which is the initial risk phase and also stated that to serve 1.3 billion people India will scale up the network of incubators and accelerators to phenomenal levels,” said Electronics and Information Technology Minister Ashwini Vaishnaw.
Speaking at the launch of SAMRIDH Scheme, Electronics and Information Technology Minister Ashwini Vaishnaw said, “The initiative will not only provide the funding support to the startups but will also help in bringing skill sets together which will help them to become successful. Reiterating the vision of the Prime Minister, he stated that technology and energy of youngsters is a great potential source of energy for inclusive development.”
The Minister, further said that our society as we stand today requires lots of initiatives, new products and new services which will create a better life for the marginalized sections of the society and for those who are at the bottom of pyramid and are living in remote parts of the country, where mainstream development has eluded them.
Speaking at the launch event, Ajay Prakash Sawhney, Secretary, MeitY, said “SAMRIDH scheme will pick up startups that are ready for acceleration stage and will provide them with funding support, mentorship and a lot of other support that is required by startups at this stage. The scheme heralds a very important milestone in our journey towards building confidence in our startup community.”
The programme aims to further the Indian start-up growth which has seen the emergence of 63 Unicorns and is now the third largest Unicorn hub globally with a total valuation of US $168 billion.