To promote the growth of India’s software product industry as part of the 100-day agenda, the Government of India is providing support to 125 startups through potential accelerators to achieve the target of boosting 300 startups. The startups, in turn, get an opportunity to improve their products and attract funding to expand their businesses.
Incubators prioritize long-term sustainability of startups over rapid growth. India has over 500 incubators, but its accelerator ecosystem is still in its infancy, with K-Start, Talks, Axilor Ventures, Byron, GSF Accelerator, Gain Accelerator and T-Hub among the few examples, sources said.
In the first cohort of Samridh, 22 accelerators from 12 states were selected through open calls for proposals in specific areas of healthtech, edtech, agritech, consumertech, fintech, software as a service (SaaS), and sustainability.
Angel investment The Lets Venture platform was recently selected for the samridh scheme and is likely to invest up to $100,000 in about eight early- and seed-stage startups, according to CEO Shanti Mohan.
The 22 accelerators in the first cohort included IIM-Calcutta Innovation Park, Atal Incubation Centre-BIMTECH, C-Camp Bangalore, India Accelerator, Gujarat University Startup and Entrepreneurship Council (GUSEC) and others, as reported by ET (when?).
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MeitY is now inviting applications from existing and upcoming accelerators to become its partners and provide startups with accelerator programs 6 months each year. The selection will be made by a committee of experts comprising representatives from government, industry and investors. About Samridh
- Samridh is the flagship programme of the Ministry of Electronics and Information Technology (MeitY) designed to foster the growth of software startups In India.
- Launched in 2021 under the National Software Products Policy – 2019, it aims to support 300 startups with a total funding of Rs 99 crore over four years.
- Samridh partners with accelerators across the country to provide startups with services like product development, business planning, investor connections, and international expansion.
- It also offers matching grants of up to Rs 40 lakh. The MeitY Startup Hub and Digital India Corporation are responsible for implementing the programme.
Services offered
- The selected accelerators will be provided with a budget of up to Rs 20 lakh per cohort to develop and deliver customized acceleration programs for early-stage technology startups.
- These programs will focus on areas such as customer acquisition, investor relations, team development and product improvement.
- Each cohort can support a maximum of 10 startups and a minimum of 5 startups in the software development domain.
Eligibility for accelerators
- I have been in the incubation business in India for over 3 years and have supported over 50 startups, out of which at least 10 have received non-public investment.
- Have experience in managing at least 3 cohorts listed as desirable in Samridh
- Availability of space and infrastructure required to carry out start-up operations
- Abilities to support startups for the national and international market through networking with angel investors
- Structured cohort to accelerate the launch of deep tech software products.
- The last date to submit an application under this plan is October 2.
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