Startup India Seed Fund Scheme (SISFS)
The Startup India Seed Fund Scheme (SISFS) aims to provide funding to early-stage startups (not older than 2 years) through registered incubators in the following two ways:
1. Grant of up to Rs. 20 lakhs for proof of concept, prototype development, product testing, commercial feasibility
2. Convertible Debt of up to Rs. 50 lakhs for a 5-year term at repo rates, for commercialization of the product and go to market
The funds shall be disbursed through empaneled incubators, and startups shall apply on the Startup India portal by selecting any three incubators in preferential order. The application process is completely online and open throughout the year. All applications are said to be processed for approval or rejection within 45 days.
The incubators shall periodically assess the progress of the startups through online monthly meetings.
Read more at
https://seedfund.startupindia.gov.in/
https://seedfund.startupindia.gov.in/faq
