Innovation ecosystem enabler T-Hub has been selected under the Startup India Seed Fund Scheme by the Centre’s Department for Promotion of Industry and Internal Trade (DPIIT) to disburse ₹ 5 crore among eligible startups.
The fund allocated is sector agnostic. It is to support technology startups and innovations that are Minimum Viable Product ready and in need of funds for their early growth, T-Hub said on Tuesday in a release announcing selection under the scheme.
T-Hub will disburse the ₹ 5 crore to 15 eligible startups in a span of three years by way of debt or convertible debentures instruments. The fund will be utilised to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry and commercialisation. Startups can apply for the fund at https://seedfund.startupindia.gov.in/.“At T-Hub, we are always investing maximum resources and efforts to ensure innovative startups have the right support to thrive and become global leaders. This fund is a huge validation of our strategy and execution of equipping startups with the means to reach their full potential, especially at the early growth stages,” CEO M. Srinivas Rao said.T-Hub said it has set up Incubator Seed Management Committee consisting of prominent investors, mentors, established entrepreneurs, academic partners and State government representatives, to access the fund and select startups.