Startup India Seed Fund Scheme (SISFS)

About

What is SISFS?

• Aim: provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialization.
• Nodal Department: Department for Promotion of Industry and Internal Trade, under the Ministry of Commerce & Industry.
• An Experts Advisory Committee (EAC) has been created by DPIIT to execute and monitor the Startup India Seed Fund Scheme.
• It is implemented with effect from 1st April 2021 with a corpus of Rs.945 crores.
• Eligibility conditions for startups:
  • A startup, recognized by DPIIT, incorporated not more than 2 years ago at the time of application.
  • Startups should not have received more than Rs.10 lakh of monetary support under any other Central or State Government scheme.
  • Individual entrepreneurs are not eligible to apply for support under the scheme. Only DPIIT-recognized startups can apply for this scheme.
  • Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme.