The Rs 945 croreStartup India Seed Fund Scheme (SISFS) will become operational from April 1 of this year till 2025 and this will be disbursed through selected incubators across India, according to a gazette notification by the government.
Here is how you can see if your startup is eligible for this scheme, which will be implemented by the Department for Promotion of Industry and Internal Trade (DIIT).
Eligibility criteria for startups
A startup, recognised by DPIIT, incorporated not more than two years ago at the time of application.
Startups must have a business idea to develop a product or a service with market fit, viable commercialisation, and scope of scaling.
Startup should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted
Preference would be given to startups creating innovative solutions in sectors such as social impact, waste management, water management, financial inclusion, education, agriculture, food processing, biotechnology, healthcare, energy, mobility, defence, space, railways, oil and gas, textiles, etc.
Startups should not have received more than Rs 10 lakh of monetary support under any other Central or State Government scheme. This does not include prize money, subsidised working space, etc.
Shareholding by Indian promoters in the startup should be at least 51 percent at the time of application to an incubator for the scheme.
Any startup will not receive seed support more than once each as per provisions of guidelines.