Third-party evaluation of the Startup India Seed Fund Program to be conducted by DPIIT
A senior government official stated on Friday that the Department for Promotion of Industry and Internal Trade (DPIIT) is now conducting a third-party review of the Startup India Seed Fund Scheme to determine its impact on the ground.
In 2021, the Rs 945 crore programme was introduced. It seeks to offer funds to entrepreneurs for market entrance, product testing, prototype creation, proof of concept, and commercialization. For the purpose of giving qualifying firms seed money through approved incubators located around India, the fund was divided into four years.
Although the department has had “excellent” feedback on the programme from incubators and businesses, joint secretary in DPIIT Shruti Singh said, “we are still doing a third-party assessment so that somebody on the ground can go and see”.
She informed the reporters present that the DPIIT has over 85,000 startups registered.
On January 16, 2016, the government unveiled Startup India. The government has developed Fund of Funds and Startup India Seed Fund programmes under Startup India to give finance at different phases of a startup’s business cycle.
She added that as of right now, the Alternate Investment Funds had received roughly Rs 7,900 crore under the Rs 10,000 crore Fund of Funds plan.
