Indigram Labs ties up with Department of Science and Technology, NIDHI-SSS to fund startups
NIDHI seed support is a system for providing financial assistance to potential startups with promising ideas, innovations, and technologies.
NEW DELHI: Indigram Labs Foundation (ILF) is enabling a Department of Science and Technology (DST) seed fund support system for promising startups with a corpus of Rs 10 crore under the scheme "National Initiative for Developing and Harnessing Innovations - Seed Support System (NIDHI-SSS)" of the DST.
Indigram Labs is an agriculture ecosystem focused where technological, social, financial solutions are encouraged. Startups with innovative and executable ideas/products oriented to the agri sector can apply for this opportunity through the Indigram website.
NIDHI seed support is a system for providing financial assistance to potential startups with promising ideas, innovations, and technologies. This will help a few of the incubated startups to graduate to a level where they will be able to raise investments from angel Investors or get a loan from financial institutions.
The first meeting of the Executive/Management Committee under the scheme “NIDHI Seed Support System” from NSTEDB, GOI was held on September 9 at ILF.
Manisha Acharya, ILF CEO, said in a statement, “Just like a seed is required for a planting a tree, this NIDHI seed fund will help our startups for their early-stage funding requirements which will help them to raise further funds and to scale up.”
Out of 45 applicants, five were selected for the presentation of the proposed seed funds. The following five shortlisted startups presented their business plan in front of the selection committee.
The maximum investment cap of Rs 25 lakh as NSTEDB seed fund was decided for investment in each company.