Govt launches SAMRIDH scheme to support 300 startups; to create 100 unicorns

The government Wednesday launched the “Startup Accelerators of MeitY for pRoduct Innovation, Development and growth (SAMRIDH)” programme.

Under this, the Ministry of Electronics and Information Technology will support 300 startups, where it will provide seed funding, mentorship, and market access to create 100 unicorns out of the selected startups.

The programme, implemented by MeitY Startup Hub (MSH), aims to create a conducive platform for software product startups to enhance their products, securing investments for scaling their business.

“Government will support startups and entrepreneurs in the most challenging phase, which is the initial risk phase, and also stated to serve 1.3 billion people India will scale up the network of incubators and accelerators to phenomenal levels,” said Union IT and Electronics Minister Ashwini Vaishnaw.

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He added the initiative will not only provide funding support to the startups but will also help in bringing skill sets together, which will help them become successful.

Under the SAMRIDH programme, an investment of up to Rs 40 lakh, based on the current valuation and growth stage of the startup, will be provided through selected accelerators. It will also facilitate equal matching investment by the accelerator or investor.

The minister noted that technology plays an important role in accelerating and taking the quantum jump in reaching out to people, which earlier would have taken many years.

He said, “Employment in traditional and new-age industries is a stated mission of our government and is also the vision of Prime Minister Shri Narendra Modi. Initiatives and schemes like SAMRIDH will help accelerate the implementation of that vision.”