T-Hub, which leads India’s pioneering innovation ecosystem, today announced that it got selected under the Startup India Seed Fund Scheme by DPIIT, GOI to disburse INR 5 Cr among eligible startups with an objective to support and fuel early stage funding in startups.
With an aim to provide value-driven and effective growth for the startups, T-Hub this year announced its focus on providing funding avenues for its startups and receiving the Startup India Seed Fund is one of the steps towards this focus. The fund will be disbursed to the eligible startups through debt or convertible debentures instruments. The fund will be utilized to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation.
MSR, CEO of T-Hub said, “At T-Hub, we are always investing maximum resources and efforts to ensure innovative startups have the right support to thrive and become global leaders. This fund is a huge validation of our strategy and execution of equipping startups with the means to reach their full potential, especially at the early growth stages. We are supporting our startups by leveraging the network of partners that back our mission and this is just a start to provide opportunities to access funding and grants.”
Incubator Seed Management Committee (ISMC) which consists of prominent investors, mentors, established entrepreneurs, academic partners, and state government representatives, has been set up by T-Hub to assess the fund and select the startups. One of the ISMC members, Ajit Rangnekar, Director General at Research and Innovation Circle of Hyderabad (RICH) commented “This fund will definitely help early and growing tech companies with the access they need to create sustainable businesses.” Kiran Darisi, Co-Founder & VP of Engineering, Freshworks, and ISMC member also shared his thoughts mentioning that “Initiatives like these strongly showcase the benefits of public-private partnerships which adds immense value to the startup ecosystem.” Wg Cdr Anthony Anish, Founding team member, MyGate, and ISMC member said, “We understand that capital infusion at the appropriate stage acts as an inflection event for any startup. I am sure this initiative will enable startups to unlock their growth phase.”
T-Hub will be disbursing this fund to 15 startups in the span of three years. Interested startups can apply for the fund at https://seedfund.startupindia.gov.in/.
The seed fund allocated to T-Hub is sector agnostic and will focus on supporting technology startups and innovations which are Minimum Viable Product (MVP) ready and need funds for their early growth.