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Published on February 27, 2023
India is home to more than 70,000 startups and has emerged as the third largest startup ecosystem in the world and according to Nasscom’s Indian Startup Ecosystem Report, with a 108% increase in funding, investments in startups have doubled in 2018 compared to 2017. These ideas and products are being driven by a variety of factors, including changing technology, rising domestic demand, and an expanding startup environment that includes shared office spaces and collaborative networks.
Attaining money and investors for early-stage and growth-stage firms and entrepreneurs is rather difficult despite the country having a thriving startup ecosystem and these require assistance from knowledge, acceleration, incubation, and general support systems. The Indian Government and private sector startup business grants are giving the Indian startup industry a major boost and numerous reports indicate that the Indian startup industry has potential. Here are 5 Startup Business Grants in India:
1. PRISM’s Technopreneur Promotion Program (TePP)
The Department of Science and Technology, Government of India launched TePP, a program that aims to support individual innovations so they can be funded and promoted into profitable businesses. Through the use of startup company funding, individuals can use this program to develop and commercialize creative ideas. The program offers grants at several phases, from conceptualization to manufacture to development to trial and application to turning it into a profitable business, with ticket sizes ranging from Rs. 2 Lac to Rs. 1 Cr.
2. Multiplier Grants Scheme (MGS)
The Department of Electronics and Information Technology offers the Multiplier Grants Scheme with the aim to support and fund industries such as IT, analytics, enterprise software, Internet of Things, artificial intelligence and technology hardware. The scheme aims to encourage and accelerate the development of innovative products created in the Indian industries. The grant offers a maximum of Rs 2 Cr for a duration of 2 years.
With the goal of supporting 10,000 Indian companies over a ten-year period, Nasscom launched its 10,000 Startups program in 2013. The procedure is as follows: Selected startups are given assistance in raising capital from sources such as venture capitalists, public funding, and angel investors. The entrepreneurs are given the opportunity to work with accelerators, receive mentoring, and support in forming strategic alliances with Nasscom’s network.
4. Unlimited India
Unlimited India is a company that supports early-stage social entrepreneurs as they expand their social business startups. The group aids entrepreneurs in their first 0–5 year stages. Selected startups and social enterprises receive induction training, assistance in setting milestones, individualized coaching, site visits, networking opportunities, money, and other forms of support. For-profit startups make up 38% of the companies it helps.
5. Zone Startups
The Ryerson Futures Network, which runs accelerator programs all over the world, includes Zone Startups India, which offers a full range of services and resources to help startups build their businesses, including funding, mentoring, access to talent, networking opportunities, and a smooth entry into the North American market. Online submissions are accepted all year round by Zone Startups India. At this time, applicants are not required to provide a formal business plan. The grant fund ranges in size from Rs. 50 Lac to Rs. 3 Cr.