MeitY unveils second cohort of Samridh scheme for startups
Startup Accelerators of MeitY for Product Innovation, Development and Growth (Samridh) scheme, for which 125 startups will be provided funding support and mentorship, was launched by MeitY secretary S. Krishnan on Monday. The scheme provides a first round of funding of up to Rs 40 lakh.
To promote growth of India’s software product industry as part of the 100-day agenda, the Government of India is providing support to 125 startups through potential accelerators to achieve the target of nurturing 300 startups. The startups in turn get a chance to improve their products and attract funding to expand their businesses.
Incubators prioritise the long-term sustainability of startups over rapid growth. India has more than 500 incubators but is still nascent in its accelerator ecosystem with K-Start, Talks, Axilor Ventures, Byron, GSF Accelerator, Gain Accelerator, T-Hub being among the few examples, sources said.
In the first cohort of Samridh, 22 accelerators from 12 states were selected through open calls for proposals in focused areas of health tech, edtech, agri tech, consumer tech, fintech, software-as-a-service (SaaS) and sustainability.
Angel investment platform Lets Venture was recently selected for the Samridh scheme and is likely to invest up to $100,000 in around eight early- and seed-stage startups, according to CEO Shanti Mohan.
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