Over 3600 Tech Startups Get MeitY Support With Rs 212 Cr Funding

Under the Startup India initiative, the Government is undertaking various efforts for the development and growth of the startup ecosystem in the country. In such a development, the Ministry of Electronics and Information Technology (MeitY), has supported 3600+ tech startups with a total funding disbursed of Rs 212 Crore, said a press release by the Ministry of State for Electronic & Information Technology.

The numbers are more positive in the case of total support. The government has supported about 10,000+ tech startups through various startup support schemes/programmes being implemented by relevant line ministries/ Departments in the last five years with total funding disbursed of approximately Rs 580 Crore to startups through incubators.

He even mentioned some specific initiatives running for tech startups such as the Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme, Next Generation Incubation Scheme (NGIS), Domain-specific Centres of Excellence (CoEs) and Theme-based Incubation Centre, mentioned press release.

Replying to a question asked in Rajya Sabha, Minister Jitin Prasada said that the flagship schemes namely, Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) support startups at various stages of their business cycle. It enables startups to graduate to a level to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions. 

As a result, more than 1.43 Lakh, Department for Promotion of Industry and Internal Trade (DPIIT) recognised startups are operating in India as of 31 July 2024, claimed Jitin Prasada, as per a press release.