About the Scheme
- The Startup India Seed Fund Scheme (SISFS) is being implemented by the Government with effect from 1st April 2021.
- It provides financial assistance to eligible Department for Promotion of Industry and Internal Trade (DPIIT) recognised startups for proof of concept, prototype development, product trials, market entry and commercialization.
- This enables the startups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists, or seek loans from commercial banks or financial institutions.
- SISFS is disbursed to eligible startups through eligible incubators across India.
Why in News?
- As on 30th July 2022, of the corpus of Rs. 945 crore, Rs. 375.25 crore have been approved to 102 incubators under the Startup India Seed Fund Scheme (SISFS). Also, 378 DPIIT recognised startups have been approved a total sum of Rs. 81.45 crore by the approved incubators under the Scheme.