SAMRIDH Scheme: Funding and Acceleration for Indian Software Product Startups
The SAMRIDH scheme (Startup Accelerators of MeitY for Product Innovation, Development, and Growth) is a program launched by the Ministry of Electronics and Information Technology (MeitY) to support IT-based startups with funding, mentorship, and market access for scaling their products and business.
Benefits
Early-Stage Funding up to ₹40 Lakh
Access to Customized Acceleration Program
Investor and Customer Connect Services
Opportunity for International Market Access
MeitY Startup Hub (MSH) Implementation
Equity-Based Model for Long-Term Sustainability
Topics
- •Full Form: Startup Accelerators of MeitY for pRoduct Innovation, Development, and Growth (SAMRIDH)
- •Implementing Agency: MeitY Startup Hub (MSH) under the Digital India Corporation.
- •Goal: To create a conducive platform for Indian Software Product startups to secure investments for scaling their products and business.
The scheme provides financial assistance through selected accelerators based on the startup's growth stage and current valuation.
- •Government Investment: Up to ₹40 Lakh per startup (with an average of ₹30 Lakh) based on the growth stage.
- •Matching Investment: Accelerators/Investors are required to provide an equal matching investment (up to ₹40 Lakh).
- •Investment Vehicle: MSH takes equity in the startups for the Government's contribution via Promissory/SAFE Note, which is utilized to sustain the program.
- •The scheme is ideal for product-based, deep-tech and SaaS (Software as a Service) startups.
- •Startups should already have brilliant solutions and a proof of concept for their product.
- •The program focuses on accelerating startups that are all set for the acceleration stage.
The scheme operates through MeitY-selected startup accelerators which run customized 6-month programs.
- •Mentorship: Business advice and technical guidance via tailored programs.
- •Connect Services: Customer connect, investor connect, and internationalization/global market access.
- •Capacity Enhancement: Services to enhance the product using innovative technologies.
- •Target: The scheme proposes to support around 300 tech startups through about 40 cohorts over three years.
- •1. Accelerator Selection: MeitY selects established accelerators with a minimum of 3 years of experience and a record of supporting 50+ startups.
- •2. Startup Selection: The selected accelerators choose promising software product startups based on innovation and growth potential.
- •3. Acceleration: Startups receive a customized six-month program, including mentorship and product enhancement services.
- •4. Investment: Startups receive MeitY's investment (up to ₹40 Lakh), matched by the accelerator/investor, to fuel their scaling.