New Delhi, February 4
The Ministry of Electronics and Information Technology has announced its mission to scale India's digital economy, revealing that 373 startups have now received critical support through the Startup Accelerator of MeitY for Product Innovation, Development, and Growth programme.
The Ministry noted that through this programme it "aims to accelerate around 300 Startups through existing and upcoming Accelerators in Health-tech, Ed-tech, Agri-tech, Consumer-tech, Fin-tech, Software as a Service (SaaS), and sustainability."
By focusing on these high-impact sectors, the initiative ensures that homegrown tech solutions receive the mentorship and capital needed to compete globally.
The programme operates through a competitive selection process that identifies the best-performing business mentors nationwide. According to the official release, "186 accelerators submitted Expressions of Interest, leading to the selection of 43 top accelerators across 16 states."
These chosen partners serve as the primary engines of growth, and to ensure they have the resources to guide their cohorts effectively, the government provides targeted financial incentives.
The release notes that "SAMRIDH provides financial support of Rs 2 lakh per startup to selected accelerators," which helps cover the operational costs of nurturing these young companies.
Funding is a central pillar of the initiative, particularly through a "matching" model that encourages private investment. Of the accelerated companies, 241 have secured this additional capital, resulting in a total disbursement of Rs 93.75 crore to date.
The Ministry explained that the scheme provides "matching funding to startups up to a maximum of Rs 40 lakh, in accordance with programme guidelines." This approach not only provides a financial safety net but also validates the startups' business models in the eyes of other investors.
The Ministry highlighted that the MSH "monitors and evaluates the performance of selected accelerators based on quantitative and qualitative parameters of the acceleration programme."
Geographically, the programme's impact has been widespread, with certain states emerging as major hubs. Karnataka leads the pack with 69 startups accelerated and over Rs 15 crore in funds disbursed, followed closely by Delhi and Tamil Nadu.
Even as traditional tech hubs dominate, the programme has expanded to 16 states, demonstrating that innovation is thriving across the country.
- ANI
Reader Comments
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.
Leave a Comment