Piyush Goyal launches Seed Fund Scheme for startups, incubators

Union Minister of Commerce and Industry, Railways, Consumers Affairs, Food and Public Distribution, Piyush Goyal has announced the launch of the Startup India Seed Fund Scheme (SISFC). The SISFC scheme, unveiled by Goyal, has been launched to provide the startups with financial assistance for prototype development and other requirements such as product trials, commercialization and market entry.

With Rs 945 crore as the corpus of this fund, the SISFC will provide seed funding to eligible startups and incubators and it has targeted to support 3600 startups and 300 incubators in the next four years.

Under this scheme, grants of up to Rs 5 crore shall be provided to the incubators found eligible to receive funding.  “The SISFS will secure seed funding, support transformative ideas, inspire innovation and facilitate implementation and start startup revolution,” said Goyal while making the announcement.