To promote growth of India’s software product industry as part of the 100-day agenda, the Government of India is providing support to 125 startups through potential accelerators to achieve the target of nurturing 300 startups. The startups in turn get a chance to improve their products and attract funding to expand their businesses.
Incubators prioritise the long-term sustainability of startups over rapid growth. India has more than 500 incubators but is still nascent in its accelerator ecosystem with K-Start, Talks, Axilor Ventures, Byron, GSF Accelerator, Gain Accelerator, T-Hub being among the few examples, sources said.
In the first cohort of Samridh, 22 accelerators from 12 states were selected through open calls for proposals in focused areas of health tech, edtech, agri tech, consumer tech, fintech, software-as-a-service (SaaS) and sustainability.
Angel investment platform Lets Venture was recently selected for the Samridh scheme and is likely to invest up to $100,000 in around eight early- and seed-stage startups, according to CEO Shanti Mohan.
The 22 accelerators in the first cohort included IIM-Calcutta Innovation Park, Atal Incubation Center-BIMTECH, C-Camp Bangalore, India Accelerator, Gujarat University Startup and Entrepreneurship Council (GUSEC) and others, as reported by ET (when?)
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MeitY is now inviting applications from existing and upcoming accelerators to become its partners and provide startups accelerator programmes of 6 months every year. The selection will be done by an expert committee comprising representatives from the government, industry, and investors. About Samridh
- Samridh is the ministry of electronics and information technology (MeitY)’s flagship programme designed to foster the growth of software startups in India.
- Launched in 2021 under the National Policy on Software Products – 2019, it aims to support 300 startups with a total funding of Rs 99 crore over four years.
- Samridh partners with accelerators nationwide to provide startups with services such as product development, business planning, investor connections and international expansion.
- It also offers matching grants of up to Rs 40 lakh. The MeitY Startup Hub and Digital India Corporation are responsible for implementing the programme.
Services offered
- Selected accelerators will receive a budget of up to Rs 20 lakh per cohort to develop and deliver tailored acceleration programmes for early-stage tech startups.
- These programmes will focus on areas such as customer acquisition, investor relations, team development and product improvement.
- Each cohort can support a maximum of 10 startups and a minimum of 5 startups in the software development domain.
Eligibility for accelerators
- Have been in the business of incubation in India for more than 3 years and supported more than 50 start-ups, of which at least 10 have received non-public investment.
- Have experience of managing at least 3 cohorts listed as desirable under Samridh
- Availability of required space and infrastructure to carry out startup operations
- Capabilities to support startups for domestic and international market through networking with Angel Investors
- Structured cohort for accelerating deep tech software product startups.
- The last date to submit an application under the scheme is October 2.