Startup India Seed Fund scheme: T-Hub to disburse 5 crore among 15 startups in 3 yrs

Startups to lease 29 mn-sft office space in 2022-24
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Startups to lease 29 mn-sft office space in 2022-24

Highlights

Hyderabad-based innovation ecosystem enabler T-Hub got selected under the Startup India Seed Fund Scheme by Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry in India, to disburse Rs 5 crore among eligible startups with an objective to support and fuel early stage funding in startups.

Hyderabad: Hyderabad-based innovation ecosystem enabler T-Hub got selected under the Startup India Seed Fund Scheme by Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry in India, to disburse Rs 5 crore among eligible startups with an objective to support and fuel early stage funding in startups.

T-Hub will be disbursing this fund to 15 startups in a span of three years. Interested startups can apply for the seed fund, which is sector agnostic. The fund focuses on supporting technology startups and innovations that are Minimum Viable Product (MVP) ready and need funds for their early growth and commercialisation. M Srinivas Rao, CEO of T-Hub said, "This fund is a huge validation of our strategy and execution of equipping startups with the means to reach their full potential, especially at the early growth stages. We are supporting our startups by leveraging the network of partners that back our mission and this is just a start to provide opportunities to access funding and grants." Incubator Seed Management Committee (ISMC) which consists of prominent investors, mentors, established entrepreneurs, academic partners, and state government representatives, has been set up by T-Hub to assess the fund and select the startups. The ISMC members are hopeful that the fund will help tech companies with the access they need to create sustainable businesses.

With an aim to provide value-driven and effective growth for the startups, T-Hub has been focusing on providing funding avenues for its startups. This fund will be disbursed to the eligible startups through debt or convertible debentures instruments.

It will be utilised to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry and commercialisation.

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