The Department for Promotion of Industry and Internal Trade (DPIIT) launched the Startup India Seed Fund Scheme 2024. To provide capital funds to all the new startups in India and encourage the citizens to start their businesses the Government of India launched the Startup India Seed Fund Scheme 2024. Under this scheme, the Government of India will provide financial assistance of up to INR 50 lakh to the selected business. All the applicants who clear the eligibility criteria must visit the official website and fill out the application form to avail the benefits of the Startup India Seed Fund Scheme 2024.
What is the Startup India Seed Fund Scheme 2024?
All the new startups in India who are struggling to grow can now get financial assistance and other benefits from the Government of India under the new Startup India Seed Fund Scheme 2024. This scheme will enable the startups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions. The main aim of launching this scheme is to increase the number of businesses in India and provide employment opportunities to unemployed citizens.
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Helpful Summary of Startup India Seed Fund Scheme
| Name of the scheme | Startup India Seed Fund Scheme |
| Launched by | Government of India |
| Objective | Provide funds |
| Beneficiaries | Startups in India |
| Official website | Startup India Seed Fund Portal |
Startup India Seed Fund Scheme Amount
- Up to INR 20 Lakhs as a grant for validation of Proof of Concept, prototype development, or product trials. The grant shall be disbursed in milestone-based installments. These milestones can be related to the development of prototypes, product testing, building a product ready for market launch, etc.
- Up to INR 50 Lakhs of investment for market entry, commercialization, or scaling up through convertible debentures or debt or debt-linked instruments
- The applicants can receive financial assistance under the scheme in the form of grants and debt/convertible debentures each once as per the guidelines of the scheme
Eligibility Criteria
- A startup, recognized by DPIIT, incorporated not more than 2 years ago at the time of application.
- The startups must have a business idea to develop a product or a service with market fit, viable commercialization, and scope of scaling.
- The startups should be using technology in their core product or service, business model, distribution model, or methodology to solve the problem being targeted.
- Preference would be given to startups creating innovative solutions in sectors such as social impact, waste management, water management, financial inclusion, education, agriculture, food processing, biotechnology, healthcare, energy, mobility, defense, space, railways, oil and gas, textiles, etc.
- A startup should not have received more than INR 10 lakh of monetary support under any other Central or State Government scheme. This does not include prize money from competitions and grand challenges, subsidized working space, founder monthly allowance, access to labs, or access to a prototyping facility.
- Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme, as per the Companies Act, 2013 and SEBI (ICDR) Regulations, 2018.
- Any startup will not receive seed support more than once each as per provisions of para 8.1 (i) and 8.1 (ii) respectively.
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Benefits of the Startup India Seed Fund Scheme
- With the help of financial assistance under the scheme, citizens can start their businesses without worrying about funds.
- The applicants can also increase their business and provide employment opportunities for other citizens.
- Financial assistance of up to INR 50 lakh will be given to the selected startup under the scheme.
- Startup India Seed Fund Scheme (SISFS) aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization.
- The applicants can just visit the official website and apply for the scheme online at the comfort of their homes.
Required Documents
- Aadhar Card
- Email ID
- Mobile Number
- Electricity bill
- Address Proof
- PAN Card
- Passport Size Photo
Selection Process of Incubators
- The incubators will be selected based on their clearance of eligibility criteria.
- The incubator must have a quality team with great knowledge of Business and commerce in India.
- The incubators must have a testing laboratory and Great infrastructure for all the test.
- The incubators will be selected based on the support provided by the incubator in the last three years.
- The mentoring provided to incubate in the last three years including the No. of mentors hired and average mentoring hours allocated per startup per month.
Selection of Startups
- The startups shall be selected through an open, transparent, and fair process, comprising, inter-alia.
- An online call for applications shall be hosted on an ongoing basis on the Startup India portal
- Applicants can apply for seed funds to any three incubators selected as disbursing partners for this scheme in order of their preference
- All applications received will be shared online with respective incubators for further evaluation
- The applicant may be asked to submit details on the team profile, problem statement, product/service overview, business model, customer profile, market size, quantum of funds needed, projected utilization plan for funds, etc.
Startup India Seed Fund Scheme Apply Online 2024 Startup India Seed Fund Scheme
STEP 1: All the applicants who clear the eligibility criteria must visit the Startup India Seed Fund Website and fill out the application form for the Startup India Seed Fund Scheme.
STEP 2: Once the applicant reaches the home page of the official website the applicant must click on the option Apply now.
STEP 3: A login page will appear on your screen the applicant must click on the option create an account.
STEP 4: A new page will appear on your screen the applicant must enter all the details that are asked on the application form including the name, email address, and mobile number.
STEP 5: After entering all the details carefully the applicant must quickly review it and click on the option register.
STEP 6: Now the applicant must go back to the page and log in using their credentials.
STEP 7: A new page will appear on your desktop screen the applicant must click on the option apply.
STEP 8: The application form will appear on your desktop screen the applicant must enter all the details on the application form including the name of the business, the type, and other important information.
STEP 9: Once the applicant enters all the information on the application form the applicant must quickly review it and click on the option submit to complete their process.
Login for Startup India Seed Fund Scheme
STEP 1: All the applicants who have successfully registered under the Startup India Seed Fund Scheme can now go to the official website to log in officially.
STEP 2: Once the applicant reaches the home page of the official website the applicant must click on the option login.
STEP 3: A pop-up menu will appear on your desktop screen the applicant must enter their username and password.
STEP 4: After entering all the details carefully the applicant must quickly review it and click on the option login to complete their process.
Important Guidelines Download
- To download the important guidelines for the scheme the applicant can go to the official website by clicking on the link.
- What’s the applicant reduces the home page of the official website the applicant must click on the option Guidelines For Startup India Seed Fund Scheme (English) under the heading about.
- The PDF file will open on your screen the applicant must click on the option download to complete their process.
Contact Details
- Email Id:- email@seedfund.com
FAQs
Who launched the Startup India Seed Fund Scheme 2024?
The Department for Promotion of Industry and Internal Trade (DPIIT) launched the Startup India Seed Fund Scheme 2024.
What is the financial assistance to be given under the Startup India Seed Fund Scheme 2024?
Financial assistance of up to INR 50 lakh will be given to the selected startup under the Startup India Seed Fund Scheme 2024.
What is the main aim of launching the Startup India Seed Fund Scheme 2024?
The main aim of launching the scheme is to provide financial assistance to new startups and encourage them to reach new heights.