As much as Rs. 477.25 crore has been approved to 133 incubators in 23 states from the Startup India Seed Fund Scheme (SISFS), Minister of State for Commerce and Industry Som Parkash said in his reply to a Parliament question today.
Maharashtra tops the list with Rs 74.5 crores being approved for startups in the state, followed by Gujarat with Rs 60 crore. Karnataka, Telangana and Tamil Nadu are ranked next in descending order with approvals for Rs 4995 crore, Rs 39.95 and Rs 34 crore respectively.
(SISFS) is a flagship scheme under the Startup India initiative that has been implemented with effect from 1st April 2021. As of Dec, 2022 Rs. 211.63 crore of the approved amount has been disbursed to various states under the scheme.
The flagship schemes under Startup India initiative namely, Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) extend support to startups at various stages of their business cycle. The startups thereafter, are able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions.
The Startup India Seed Fund Scheme (SISFS) has been approved with a corpus of Rs. 945 crore for the period of 4 years starting from 2021-22.
