Rajya Sabha updated on SISFS’ startup funding
The Rs.945 crore Startup India Seed Fund Scheme (SISFS), being implemented by the Government with effect from 1 April 2021, has approved Rs.375.25 crore for 102 incubators as of 30 July 2022.
Further, SISFS has also approved Rs.81.45 crore for 378 Department for Promotion of Industry and Internal Trade (DPIIT) recognised startups as incubators, Minister of State for the Commerce and Industry, Som Parkash, said in a written reply in the Rajya Sabha on 5 Aug 2022.
ISFS provides assistance from its corpus of Rs.945 crore to startups recognized by DPIIT.
It is for proof of concept, prototype development, product trials, market entry and commercialization.
This enables 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, he said.
SISFS is disbursed to eligible startups through eligible incubators across India. fiinews.com
