RICH was awarded the Startup India Seed Fund Scheme (SISFS)a flagship funding program by Startup India, Govt. of India to provide capital at the seed and ‘Proof of Concept’ development stage. This grant enables RICH to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization for life sciences startups.
About SISFS
SISFS aims to provide financial assistance to start-ups for proof of concept, prototype development, product trials, market entry and commercialization. This would enable these start-ups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists, or seek loans from commercial banks or financial institutions.
Eligibility Criteria for Startups:
- A startup, recognized by DPIIT, incorporated not more than 2 years ago at the time of application
- Startup must have a business idea to develop a product or a service with market fit, viable commercialization, and scope of scaling
- Startup should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted
- Preference would be given to startups creating innovative solutions in biotechnology, healthcare and allied applications in industrial sectors.
- Startup should not have received more than Rs 10 lakh of monetary support under any other Central or State Government scheme. This does not include prize money from competitions and grand challenges, subsidized working space, founder monthly allowance, access to labs, or access to prototyping facility
- Shareholding by Indian promoters in the startup should be at least 51% at the time of application to incubator for the scheme, as per Companies Act, 2013 and SEBI (ICDR) Regulations, 2018
- Any startup will not receive seed support more than once each as per provisions of para 8.1 (i) and 8.1 (ii) respectively
Funding for:
- validation of Proof of Concept, or prototype development, or product trials
- Market Entry, Commercialization, or Scaling up
Quantum of funding:
- Up to Rs. 20 Lakhs as grant for validation of Proof of Concept, or prototype development, or product trials. The grant shall be disbursed in milestone-based instalments.
- Up to Rs. 50 Lakhs of investment for market entry, commercialization, or scaling up through convertible debentures or debt or debt-linked instruments