DPIIT undertaking third-party assessment of Startup India Seed Fund Scheme
The scheme aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation.
Wednesday May 03, 2023,
2 min Read
The Department for Promotion of Industry and Internal Trade (DPIIT) is undertaking a third-party assessment of Startup India Seed Fund Scheme to see its impact on the ground, a senior government official said on Tuesday.
The Rs 945-crore scheme was launched in April 2021. It aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialisation. The fund was divided into four years for providing seed funding to eligible startups through eligible incubators across India.
Joint Secretary in DPIIT Manmeet Nanda said that the scheme has benefitted the startup community.
"A third-party impact assessment of the startup India seed fund scheme is underway. It is being done by NIFM. They will do an independent review of how the scheme is actually benefited. They will evaluate the performance of the startups, incubators and see how this funding... led to greater opportunities and will also give us feedback on how we can improve our work," Nanda told reporters here.
About 98,000 startups have been registered with DPIIT, she told reporters here.
Startup India was launched by the government on January 16, 2016. Under Startup India, to provide capital at various stages of the business cycle of a startup, the government has implemented Fund of Funds and Startup India Seed Fund schemes.
The seed fund scheme is benefiting startups in different sectors, including healthcare, agriculture, education, IT services and auto.
She added that over 100 women-led startups are approved under the theme in the healthcare sector alone.
"There is a multiplier effect of this scheme," Nanda said.
Edited by Megha Reddy