Schemes
Start India Seed fund Scheme (SISF)
Startup India Seed Fund Scheme (SISFS) aims to provide financial assistance to startups from across India as received from DPIIT for proof of concept, prototype development, product trials, market entry and commercialization. This would enable these startups from PAN India 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.
Selection of Startups
Applications received from the Startup Portal are firstly evaluated and screened- out by Internal Screening Committee and on the basis of various parameters and evaluation, they recommend Startup applications to ISMC for consideration
Following Members of Internal Screening Committee are:
INTERNAL SCREENING COMMITTEE
Sl no. | Name of Committee Member | Role in the committee | |
|---|---|---|---|
1 | Shri Sanjay Goenka | Former Member Secretary – BIA VenturePark | |
2 | CA Ashish Rohatgi | Member- BIA VenturePark | |
3 | Shri R.A.Siddiqui | CEO- BIA VenturePark | |
The composition of ISMC constituted at BIA is as follows:
INCUBATOR SEED MANAGEMENT COMMITTEE
Name of Committee Member | Current Organization
| |||
|---|---|---|---|---|
Mr. Naresh Nandan (Member Secretary), BIA VenturePark | Genesis India | |||
Mr. K.P.S Keshri (President, BIA) | ||||
Mrs. Soofia Fatima | Dean- Faculty of Commerce and Management, Patna Women's College |
Domain Expert from Academia
| ||
Mr. Sanjay Goenka Member- BIA | Hebe Financial Services |
Successful Entrepreneur
| ||
Mr. Shailendra P. Sinha (Former President-BIA) | Successful Entrepreneur
| |||
CA Ashish Rohatgi Member- BIA | Other Stakeholder
|
Guidelines for Disbursement of Seed Fund to Startups by Incubator
Seed Funds to an eligible startup by the incubator shall be disbursed as follows:
- Up to Rs. 20 Lakhs as a grant for validation of Proof of Concept, or prototype development, or product trials. The grant shall be disbursed in milestone-based installments. These milestones can be related to the development of prototypes, product testing, building a product ready for market launch, etc. Not more than 20% of the total grant to an incubator shall be given as grants to start-ups by the incubator
- Up to Rs. 50 Lakhs of investment for market entry, commercialization, or scaling up through convertible debentures or debt or debt-linked instruments
| Details of Selected Start-Ups (SISFS Portal) till date by BIA | |||||
| Sr. No. | Startup’s Name | Founder’s Name | Sector | Fund Approved (Debt) | |
| 1 | Scitechesy Research and Technology Pvt. Ltd. (UP) | Mr. Fanindra Pati Pandey | Nano Product (Silver Nano Paste) | Approved =20,00,000 | |
| 2 | TGG Technologies Pvt. Ltd. (Assam) | Mr. Maninder Kalsi | Working as a accelerator for Restaurant/ Hotels | Approved =25,00,000 | |
| 3 | Gaudrika Digital Labour Chowk Pvt. Ltd. (Bihar) | Mr. Chander Shekhar | Digital Platform for Skilled Labour supply | Approved =15,00,000 | |
| 4 | Omrook Industries Pvt. Ltd. (Bihar) | Mr. Rakesh Kumar | Customized industrial/ mechanical parts via. Ecommerce | Approved =25,00,000 | |
| 5 | Travellia Solutions Pvt. Ltd. (Bihar) | Mr. Nitish Kumar | Digital Platform of catering in Railways | Approved =25,00,000 | |
| 6 | Hustlmad Brands Pvt. Ltd. (Bihar) | Mr. Anurag Singh | Corporate gifting via. Digital platform | Approved =10,00,000 | |
| 7 | Capita Agri Technologies Pvt. Ltd. (Gujrat) | Mr. Bhaveshkumar Prajapati | Bio& Organic fertilizer and Pesticides | Approved =20,00,000 | |
| 8 | Pashmina Goat Project Pvt. Ltd. (Kashmir) | Mr. Babar Afzal | Pashmina Product with online Traceability | Approved =20,00,000 | |
| 9 | Humors Tech Pvt. Ltd. (Maharashtra) | Mr. Ankur Jaiswal | Non-Invasive Device For Health Check-Up At Home | Approved =25,00,000 and additonal 25,00,000 on raising fund from Angel Investor/ VC | |
| 10 | Eleric Automotive Pvt. Ltd. (Bihar) | Mr. Ravi Shankar | Engage in providing electric two wheelers vehicle for e-commerce companies | Approved =25,00,000 | |
| 11 | DREAMLIFE DECOR PRIVATE LIMITED (Karnataka) | Mr. Soubhagya Ranjan Biswal | Engage in pre-owned furnitures and selling it to tier 2 and tier 3 cities after refurbishing | Approved =25,00,000 | |
| 12 | EUPHELITY PRIVATE LIMITED (UP) | Mr. Anant Vaish | Education for specially- abled Children | Approved =10,00,000 as a Grant | |
| Total Amount Approved by DPIIT under SISF Scheme | Rs.3 Crores | ||||
| Total amount of Fund received by BIA as First and Second Tranche including Management Fee by DPIIT | 2.18 Crores | ||||
| Total Amount disbursed till date | Rs. 2.09 Crores | ||||