Meity Unveils Second Cohort Of Samridh Scheme For Startups

MeitY secretary S. Krishnan on Monday, started the second cohort of the startup accelerators of Meity for product innovation, development and growth (Samridh) scheme, for which 125 startups will be provided funding support and mentorship, as per media reports. The scheme provides a first round of funding of up to Rs 40 lakh.

The Government of India is supporting 125 companies through possible accelerators to reach the goal of fostering 300 startups, intending to foster the expansion of India's software product industry as part of the 100-day plan. In turn, the startups have the opportunity to enhance their offerings and draw in capital to grow their companies.

The long-term viability of startups is given precedence by incubators over quick growth. India has more than 500 incubators but is still fledgling in its accelerator ecosystem with K-Start, Talks, Axilor Ventures, Byron, GSF Accelerator, Gain Accelerator, T-Hub being among the few instances, sources added.

22 accelerators from 12 states were chosen for the first Samridh cohort through open calls for ideas in the following focused areas: software-as-a-service (SaaS), consumer tech, agritech, fintech, health tech, and sustainability.

The 22 accelerators in the inaugural batch included IIM-Calcutta Innovation Park, Atal Incubation Center-BIMTECH, C-Camp Bangalore, India Accelerator, Gujarat University Startup and Entrepreneurship Council (GUSEC) and others, as per media reports.

MeitY is currently accepting proposals from current and prospective accelerators to join its partnership network and offer six-month startup accelerator programs annually. An expert committee made up of members from the government, business community, and investors will make the decision.