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SAMRIDH Scheme

The Indian market has always attracted entrepreneurs to their shores attempting to start and grow a business. However, increasingly ambitious startups are discovering that their ambition does not end after the creation of a successful company but rather at the international level. While India is a growing economic power, it goes without saying that much more needs to be done to entice foreign investors and create an environment conducive to entrepreneurship. The Government wants to ease the funding process for entrepreneurs and has already taken steps in this regard with initiatives like SAMRIDH scheme. One of the key focus areas of this scheme is to empower startups to boost entrepreneurship, economic growth, and employment across the country.

Objective of the Scheme

One of the key objectives of this scheme is to provide funding support and fiscal incentives to Startups and to provide a supportive ecosystem and access to mentors, industry connections, and incubation services for Startups. Another goal of the scheme is Technology and Quality Upgradation Support to MSMEs, which aims to enhance the competitiveness of the MSME sector through the implementation of energy-efficiency projects.

Project Cost

To help solve India’s problems and create a positive social impact, the government will support existing and upcoming Accelerators to select and accelerate potential IT-based startups. The program will invite applications from these Accelerators to become partners with MeitY (the Ministry of Electronics and Information Technology) and provide startup accelerator programs for 6 months every year.

The program will provide funding of up to ₹40 lakh (with an average of ₹30 Lakh per startup per cohort) to selected accelerators and also provide them with support services.

The scheme is designed to support around 300 tech Start-Ups through about forty cohorts (with eight to ten Start-Ups in each cohort).

The accelerator will offer matching funding of up to ₹ 40 lakh (with an average of ₹ 30 Lakh per startup per cohort) to a start-up based on its current valuation and growth stage.

The accelerator will not receive any equity for services provided under the scheme, nor will it be entitled to any value-added benefit resulting from those services. And the scheme will provide financial support to the accelerator.

Subsidy Release

Accelerators will develop customized acceleration programs to fit the needs of each startup in the cohort and provide services ranging from customer connect, investor connect, capacity enhancement, product enhancement, etc. Accelerators will be provided a budget of Rs. 2.0 Lakhs per startup to a maximum of INR 20 Lakhs per cohort.

Eligibility for the Scheme

Following are the eligibility criteria that an accelerator needs to meet:

  • Must have incubated more than 50 startups in the past 3 years and helped 10 of those secure non-public financing.
  • Must have existing operations in India
  • Should be having appropriate space and infrastructure to execute activities for the start-ups.

Must be able to demonstrate capabilities with regard to:

  • Supporting Start-Ups to make a splash in the domestic and international markets
  • Network/Connect with Venture Capitalists/Angel Investors
  • On-boarded with leading business mentors
  • Structured Accelerator program for deep-tech software product start-ups

Required Document for the Scheme

  • Aadhar card
  • Residence certificate
  • Income certificate
  • Bank account details
  • Passport size photograph
  • Mobile number

SAMRIDH scheme Details

Collateral Security: As per Norms

Processing Fees: As per Norms

Scheme Validation: Still Active

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