Given under Startup India Seed Fund Scheme by DPIIT to facilitate allotment of seed funds
The DLabs Incubator of the Indian School of Business (ISB) has received ₹5 crore grant under the Startup India Seed Fund Scheme from the Centre’s Department for Promotion of Industry and Internal Trade (DPIIT).
The DLabs Incubator Association will facilitate allotment of the seed funds, under the scheme, to eligible early-stage startups. The funds will be used for financial assistance to startups for proof of concept, prototype development, product trials, market-entry and commercialisation, ISB said in a release on Monday. The scheme seeks to enable startups graduate to a level where they will be able to raise investments from angel investors and venture capitalists or seek loans from commercial banks or financial institutions.
Faculty director at ISB DLabs Bhagwan Chowdhry said “many good ideas don’t see the light of the day because the startups could not get early-stage funding. This grant will help us fix it”.
DPIIT said it looked forward to working with the Association on the Startup India Seed Fund Scheme for financial assistance to early-stage startups.
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