The Ministry of Electronics and Information Technology (MeitY) has officially launched its Expression of Interest (EoI) for the second cohort of the Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) scheme.
This call is aimed at both existing and upcoming accelerators to apply for the opportunity to offer incubation services to emerging startups.
Applications are open until October 2, with the selected accelerators set to support up to 125 startups during a six-month incubation period.
The initiative will involve one-to-one matching funding support of up to INR 40 Lakhs for each startup.
An expert committee, consisting of government officials, industry experts, and investors, will oversee the selection process.
Under the SAMRIDH scheme, selected accelerators will receive a budget of up to INR 20 Lakh per cohort.
This funding will be used to develop and enhance incubation programs tailored for early-stage startups.
In addition to financial support, participating startups will benefit from comprehensive mentorship in areas such as product development, business planning, customer acquisition, and managing investor relations.
The scheme, which is managed by MeitY Startup Hub and Digital India Corporation, has seen notable success in its first cohort.
A total of 22 accelerators from 12 states provided support to 175 homegrown startups.
Prominent names among these accelerators included India Accelerator, LetsVenture Foundation, T-Hub Foundation, and IIM Calcutta Innovation Park.
Noteworthy recent developments include angel investment platform LetsVenture being selected for the scheme, with plans to inject $100K into eight early-stage startups.
Launched in 2021 under the National Policy on Software Products, 2019, the SAMRIDH scheme is part of MeitY’s broader goal to nurture 300 startups with a total funding of INR 99 Crores over four years.
This initiative reflects the government’s proactive approach in cultivating innovation and empowering the tech startup ecosystem across India.
