Schemes

Start India Seed fund Scheme (SISF)

Guidelines for Startup India Seed Fund Scheme

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

Sl no.

Name of Committee Member

Current Organization

Role in the committee


1

Mr. Subodh Kumar (Member Secretary), BIA VenturePark








Sanwi Solar

Chairman


2

Joint Director/ Deputy Director

Department of Industries, Government of Bihar

State Government's Nodal Team


3

Mr. Hari Balasubramanian

Indian Angel Network

Venture Capital Fund or Angel Network


4

Mr. K.P.S Keshri (President, BIA)








Amrapali Food Pvt Ltd

Domain Expert from Industry


5

Mr. N K Choudhary

Former Principal, Patna College, Patna University


Domain Expert from Academia


6a

Mr. Sanjeev Kanodia Member- BIA








Balmukund Concast Ltd.


Successful Entrepreneur


6b

Mr. Shailendra P. Sinha (Former President-BIA)








Bihar Hotels Limited

Successful Entrepreneur


7

CA Ashish Rohatgi Member- BIA








Ashish Rohatgi & co.


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 accelator 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
=20,00,000

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
=25,00,000

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

Dp Research & Development Pvt. Ltd.
(Bihar)

Mr. Dheeraj Kumar Roy

Import substitute product for  Aerospace & Defense

Conditionally Approved
=20,00,000

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

SELTRA AUTOMOTIVE PRIVATE LIMITED
(Maharashtra)

Mr. Aniket Patil

Hybrid Two wheeler EV with modular design for B2B and B2C

Approved
=25,00,000

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. 1.49 Crores