The Indian government has allocated Rs 611 crore to 165 incubators under the Startup India Seed Fund Scheme to catalyse the startup culture in the country, according to Manmeet Nanda, Joint Secretary of the Department for Promotion of Industry and Internal Trade. The fund started in April 2021 with a corpus of Rs 945 crore over four years, and incubators have gone on to provide funds to more than 1,000 startups across various sectors, with healthcare, agriculture, education, IT services, and electric vehicles being the most prominent. Around 50% of the supported startups are women-led, Nanda added.
The Centre has allocated Rs 611 crore to 165 incubators under Startup India Seed Fund Scheme, a flagship initiative of the government of India, intended to catalyze startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in the country, a senior official said.
Manmeet Nanda, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), said that the government started the Startup India Seed Fund in April 2021 with a corpus of Rs 945 crore over four years of 2021-2025.
During a press conference on Tuesday evening in New Delhi, Nanda added, “The result that we see today, two years into the startup India seed fund scheme, with 165 incubators onboarded, who had then gone on to give funds to about 1,000-plus startups, covering the entire length and breadth of our country. Sixty-five per cent of these startups are from Tier-II and Tier-III cities, many of them being women-led, which is very encouraging.”
Government Allocates Rs 611 Crore To 165 Incubators In Two Years Through Startup India Seed Fund
The states where the startups come from are Maharashtra, Karnataka, Tamil Nadu and Gujarat. Nanda said startups that received funds are primarily in various sectors; however, the maximum number of these startups belong to sectors like healthcare, agriculture, education, IT services and automotive primarily electric vehicles.
Nanda said seeing the response from startups, “We can say that we will be asking more funds from the government which would be on and around 20 per cent of the Rs 945 crore”.
Nanda said that 50 per cent of these startups were led by at least one women director and around Rs 82.82 crore were approved to these women-led startups. Eleven supported startups are women-led from Northeast states, he added.
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