Atal Incubation Centre at NIFT TEA in Tiruppur to extend seed fund to textile startups

The Atal Incubation Centre at NIFT TEA in Tiruppur has been recognised under the Startup India Seed Fund Scheme of the Union government.

T.R. Gowri Shankar, programme lead at the Centre, told The Hindu on Thursday the Centre would get ₹3 crore under the scheme. While ₹ 1.5 crore would be given this financial year, another ₹1.5 crore would be given next year by the Union government.

A maximum of ₹30 lakh would be given as debt to eligible startups in the textile and apparel sector across the country. Units that applied for the seed fund should be a registered startup and those who got the funding would start repaying the amount after a moratorium for one or two years.

The scheme was launched at a function in Tiruppur on Thursday.

The incubation centre currently has 50 incubatees. Voint, one of the incubatees, launched its brand on Thursday. The startup specialises in use of natural dyes in silk, natural fibre, and even in yoga mats and bath towels.

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Printable version | Aug 11, 2022 7:08:38 pm |