IIM-Calcutta Innovation Park, Let’sVenture Foundation, and T-Hub Foundation are among the 22 accelerators identified under the scheme
175 startups will receive INR 2 Lakhs in financing from the accelerators under SAMRIDH scheme
SAMRIDH scheme aims to accelerate around 300 startups with a cohort size of 5-10 startups, through existing and upcoming accelerators
The government has shortlisted 22 accelerators to support 175 startups in the country under its Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) scheme, the Parliament was informed.
The SAMRIDH scheme aims to accelerate around 300 startups with a cohort size of 5-10 startups, through existing and upcoming accelerators.
“In the first round of cohort, 22 potential accelerators spread across 12 states have been identified and supported with a mandate to accelerate 175 startups,” Minister of State for Electronics and Information Technology (MeitY) Rajeev Chandrasekhar said in a written reply in the Lok Sabha.
IIM-Calcutta Innovation Park, Let’sVenture Foundation, and T-Hub Foundation are among the 22 accelerators identified under the scheme.
Started in August 2021, SAMRIDH is the flagship initiative of MeitY, and is being implemented by MeitY Start-up Hub (MSH). The scheme aims to support startups with funding support, mentorship, among others.
The minister informed that INR 2.25 Cr out of the total INR 6 Cr earmarked for the administrative cost of accelerators under the scheme has been utilised so far. Under the scheme, INR 2 Lakh has been set aside for each startup.
He also said that a Scheme Management Committee (SMC), comprising industry experts, has been constituted to oversee the scheme. Aarin Capital cofounder and chairman TV Mohandas Pai, NASSCOM President Debjani Ghosh, Sharad Sharma who is the cofounder of iSPIRT, and the managing partner of the fund of funds of National Investment and Infrastructure Funds Anand Unnikrishnan, and Venture Catalysts cofounder Apoorv Ranjan Sharma are part of the SMC.
The Minister also informed the Parliament that the country hosted 98,119 Department for Promotion of Industry and Internal Trade (DPIIT)-recognised startups at the end of April.
The SAMRIDH programme adds to a slew of initiatives undertaken by the union government to further boost howgrown startups and foster a conducive environment for innovation. With the Startup India scheme and the Fund of Funds for Startups (FFS) Scheme, the centre aims to jumpstart the local startup economy which has lately been battered by funding winter and adverse market conditions.
In H1 2023, funding raised by Indian startups declined by 72% YoY to $5.4 Bn across 462 funding deals, compared to $19 Bn across 900 funding deals in H1 2022.