Indigram Labs partners with Department of Science and Technology, NIDHI-SSS to fund startups
Technology incubator and accelerator Indigram Labs Foundation, on Wednesday, announced that it enabled a seed fund of Rs 10 crore to promising startups. The fund is part of the National Initiative for Developing and Harnessing Innovations - Seed Support System (NIDHI-SSS) scheme of the Department of Science and Technology (DST), Government of India.
Five startups from a pool of 45 applicants were selected to present their business plan in front of the selection committee, comprising of officials from DST and other renowned businessmen. They will receive a maximum seed funding of Rs 25 lakh each.
Manisha Acharya, CEO of Indigram Labs Foundation said,
“Just like a seed is required for a planting a tree, this NIDHI seed fund will help startups in their early-stage funding requirements and help them to raise further funds and to scale their business.”
In addition to this, members of the selection committee noted that the innovative platform of the company will be useful in future for tractor related products and services as Indigram Labs is focussed on tech innovations in agriculture.
NIDHI seed fund provides financial assistance to potential startups with promising ideas, innovations, and technologies. This funding mechanism will narrow the gap between development and commercialisation to a great extent, the incubator said in a statement.
In 2018, the tech incubator started the AgriPulse Accelerate North-East programme to recognise potential early-stage entrepreneurs from Northeast India and help in scaling their businesses.
For this, Indigram Labs had teamed up with National Bank for Agriculture and Rural Development (NABARD), Department of Science and Technology, and the North Eastern Council, Government of India.
Founded in 2015, Indigram Labs incubates startups leveraging technology in sectors like agriculture, renewable energy and rural healthcare. Based in New Delhi, it is aimed at fostering and nurturing viable business ideas through the process of consulting, mentoring, and leveraging technology tie-ups.
(Edited by Saheli Sen Gupta)