The Central Government has affirmed the 'Startup India Seed Fund Scheme (SISFS)' to give monetary help to new companies to verification of idea, model turn of events, item preliminaries, market passage and commercialization.
SISFS will give monetary help to new companies by means of corpus of Rs. 945 Crore to be paid through chosen hatcheries across India in 2021-25.
The plan is area rationalist and will uphold new businesses across all areas.The scheme has a central common application on Startup India portal and incubators on an ongoing basis. The eligibility criteria for start-ups to apply under the SISFS are as follows:
A) Startup needs to be recognized by DPIIT and incorporated not more than 2 years ago at the time of application. It must have a business idea to develop a product or service with market fit, viable marketing, and scaling scaling.
b) It should use technology in its core product or service, or business model, or distribution model, or methodology to address the problem.
c) Preference will be given to start-ups creating innovative solutions in sectors such as social impact, waste management, water management, financial inclusion, education, agriculture, etc.
D) Startup should not have received more than Rs 10 lakh of monetary support under any other Central or State scheme.
e) Shareholding by Indian advertisers in the startup ought to be in any event 51% at the hour of utilization to hatchery for the plan, according to Companies Act, 2013 and SEBI (ICDR) Regulations, 2018.