Ministry of Commerce and Industry has informed that they have launched the Start-Up India Seed Fund Scheme (SISFS).
In order to facilitate incubators as well as start-ups, an online portal is created by DPIIT. An Experts Advisory Committee (EAC) has been set up by DPIIT, to execute and monitor the scheme.
Online portal will allow incubators to apply for fund under this scheme.Grants up to Rs. 5 crore shall be provided to the selected incubators. The incubators shall grant up to Rs. 20 lakhs to start-ups.
Further, Rs. 50 lakhs shall be provided to the start-ups in order to ease their business.
The scheme is expected to support 3600 start-ups through 300 incubators.