AssisTech Foundation launches first Startup India Seed Fund for assistive technology startups
A capital pool of Rs 5 crore will be invested in 32 assistive technology startups in the next three years. The Fund will support early-stage startups in this space by providing crucial seed capital for innovation, prototyping, and market entry.
AssisTech Foundation (ATF) has set up India’s first and exclusive Startup India Seed Fund for Assistive Technology (AT) startups under Startup India Seed Fund Scheme (SISFS) through the support of Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.
According to a press release, a capital pool of Rs 5 crore will be invested in 32 assistive technology startups in the next three years. It will support early-stage startups in this space by providing crucial seed capital for innovation, prototyping, and market entry.
Startups selected under the scheme are eligible for funding support in the form of grants, equity, and debt. They can apply for grants of up to ₹20 lakh and equity investments of up to ₹50 lakh, the press release added.
By offering targeted seed funding, ATF aims to build a strong, self-sustaining ecosystem that effectively addresses the real-world needs of Persons with Disabilities (PwDs).
Prateek Madhav, CEO & Co-founder, AssisTech Foundation, said, “The launch of the SISFS Fund for Assistive Technology (AT) startups will provide much-needed early-stage capital to AT start-ups, enabling them to validate ideas, build prototypes, and accelerate market entry.”
“By leveraging the Startup India Seed Fund Scheme, ATF aims to bridge the critical funding gap faced by entrepreneurs working to empower persons with disabilities. This initiative reinforces ATF’s long-standing commitment to nurturing impactful solutions that drive accessibility and independence, while helping to build a more inclusive and equitable society through the power of technology,” he added.
To apply under the scheme, a startup must be DPIIT-recognised and incorporated within the last two years. It should not have received more than Rs10 lakh in monetary support from any other central/State government scheme and have at least 51% Indian promoter shareholding at the time of application.
Startups creating innovative solutions that empower persons with disabilities and promote inclusive living are encouraged to apply. More details are available at https://seedfund.startupindia.gov.in.
Edited by Megha Reddy