How To Apply For A Startup India Grant?

Struggling to get funds for your New Business? Learn how to apply for the Startup India Grant

Startup India Initiative has rolled out several programs with the objective of supporting entrepreneurs, That Startup India initiative has opened doors to many opportunities for new business owners.

Some of the benefits that can be reaped by Startup companies are related to tax benefits, easier compliance and financing. The idea is to build a robust startup ecosystem and transform India into a country of job creators instead of job seekers.

Through this article, we tell you the kind of grants available and how you can apply for a Startup India grant.

Here is a list of some of the Government grants available to Indian Startups:

1. PRISM’s Technopreneur Promotion Program (TePP)

TePP is an initiative of the Science and Technology department of the Govt. of India. Individuals can use this to transform their innovation and take it to the next stage to form an enterprise. The grant is available from Rs. 2 lakhs to 1 crore. The grant is provided at various stages- from starting up, development, trial and finally taking it commercial.

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. To apply for Startup India grant (MGS) you can avail funding of Rs. 2 crore for a duration of 2 years.

3. NASSCOM Startup Grant

As a part of the Startup India movement, selected startups are helped to raise money from VCs, government funds, angel investors, among others. The startups get to work with accelerators, are mentored and are helped to foster strategic partnerships with Nasscom’s network.

4. SIDBI Fund

Small Industries Development Bank of India (SIDBI) further sanctioned Rs. 1000 crores to 30 venture funds through government funding as a part of applying for Startup India grant . It helps startups in early stages.

They have also allotted additional investment for encouraging the founders of new start-ups & approved by an advisory committee. 

5. Venture Capital Assistance Fund 

This fund has been set up by the Ministry of Agriculture and Family Welfare. It helps in assisting agri-preneurs to make investments in setting up agribusiness projects through financial participation

6. Apart from the Centre, the State Govts. of more than 15 states have set up grants, seed funding opportunities and advisory services under the Startup India initiative

How to apply for Startup India Grant:

The process to apply for grant is not very complicated but make sure you meet all eligibility criteria for it which is available on their website:

1. Register on the Startup India portal
2. Post registration; apply for DPIIT (Department for Industrial Policy and Promotion) recognition
3. Access the Section 80 IAC exemption application form here
4. Fill in all details with the below-mentioned documents uploaded and submit the application form

With an aim to start a Startup revolution, the Startup India grant has helped many new businesses take the first flight and add to the GDP of the economy. There are many other ways to get funding for your business as well, but the Startup India grant not only offers financing options but also an ecosystem around it that can help your grow your business.