“We hold startups very close to our heart.” Rajasthan CM Vasundhara Raje stated this while announcing the launch of a $77.3 Mn (INR 500 Cr) startup promotion fund during the Kota Digifest in August 2017. In line with the CM’s commitment towards startups, state officials have now come up with the final guidelines to utilise the said fund.
As stipulated, the fund corpus will include components for women-led and green solutions startups and has earmarked $15.4 Mn (INR 100 Cr) and $7.73 Mn (INR 50 Cr) for both respectively. The funds for green startups will be payable from the funds available with Rajasthan State Pollution Control Board.
Limitations Surrounding Fund Disbursal To The Startups
Only the startups registered in Rajasthan can be benefits of this fund. As per the guidelines released by the state government, a startup can avail a maximum of $38.6K (INR 25 Lakhs) of the funding, based on its Qrate ranking.
Qrate is a unique programme that assists startups to sharpen their business plans and investor pitch decks. The programme then connects them to the potential investors and customers. Startups are first assessed on various parameters of business and then they are provided with the Applyifi scorecards and assessment reports that highlight their strengths and weaknesses.
So, How Can Startups Avail This Fund?
Startups can either apply for the loan or equity from the stated corpus of $77.3 Mn.