STPI to fund 25 startups from Tier II, III cities
STPI will support 25 startups with a total commitment of up to Rs 1 crore per entity.
Government-backed STPI will fund 25 startups from Tier II and III towns under the second edition of LEAP Ahead, a top official said.
Software Technology Parks of India (STPI) Director General Arvind Kumar at the India Mobile Congress told PTI that the LEAP Ahead will support 25 startups with a total commitment of up to Rs 1 crore per entity.
He said that STPI will provide funding support of up to Rs 50 lakh to each startup depending on their performance.
Photo: STPI
"Under Leap Ahead 2.0 we are looking at 25 startups from Tier II and III towns. We have signed a memorandum of understanding with some private investors.
"We will provide a commitment of investment of up to Rs 1 crore where STPI will provide an initial fund of Rs 25 lakh and then a follow-on funding of up to another Rs 25 lakh. Besides funding, startups will receive multiple other support including mentorship," Kumar said.
He said Leap Ahead 2.0 builds upon the success of the first edition where STPI had made a similar commitment of Rs 25 crore investment commitment.
"The startups selected in Leap Ahead 1.0 have already received commitments of Rs 78 crore and 17 startups have received investment of up to Rs 38 crore. Three out of 25 startups that have gone to TiE Silicon Valley have received investments from three foreign investors," Kumar said.
STPI at IMC declared the winners of its Smart Farm Grant Challenge Programme, focused on identifying impactful solutions to address key problem statements related to sugarcane harvesting.
Satyukt Analytics from Karnataka was selected as the final winner of this Smart Farm Grant Challenge, wherein the Ministry of Electronics and IT provided Rs 50 lakh as a product development grant of Rs 10 lakh per year for two years to the startup.