Piyush Goyal launches the Startup India Seed Fund Scheme

Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution Shri Piyush Goyal launched the Startup India Seed Fund Scheme (SISFS).

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The Fund aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization

The Scheme was announced by the Hon’ble Prime Minister, Shri Narendra Modi on 16th January 2021 in his Grand Plenary address of ‘Prarambh: StartupIndia International Summit’, marking the five-year anniversary of the Startup India initiative.

An amount of 945 crore rupees corpus will be divided over the next 4 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.

The SISFS will Secure seed funding, Inspire innovation, Support transformative ideas, Facilitate implementation, and Start startup revolution.

This Scheme will create a robust startup ecosystem, particularly in Tier 2 and Tier 3 towns of India, which are often deprived of adequate funding.