NIDHI SEED SUPPORT SCHEME

NIDHI SEED SUPPORT SCHEME

First Call For Application - Start Date: 24-07-19 | End Date 30-07-19

Please click the link below to download the application form:

Seed Fund Application form

Only for SIIC physical incubatees!

SIDBI Innovation and Incubation Centre, IIT Kanpur is hosting a seed fund of Rs. 5 crores under the scheme ‘National Initiative for Developing and Harnessing Innovations - Seed Support Sceme (NIDHI-SSS)" of the Department of Science and Technology.

Objective

  • To ensure timely availability of the seed support to the deserving incubate startups within an incubator, thereby enabling them to take their venture to next level and facilitate towards their success in the market place.
  • The proposed seed support disbursed by an incubator to an incubate is positioned to act as a bridge between development and commercialization of innovative technologies/products/services in a relatively hassle free manner.
  • Assist  the startups to graduate to a level where they will be able to raise investments from angel/Venture capitalist or they will reach a position to seek loans from commercial banks /financial institutions
  • The scheme also enables the Incubator to widen their pipeline of startups and also share the success of their startups which would also result in ensuring their long term operational sustainability.

Quantum of Support

  • Minimum amount Rs. 5 lakhs
  • Maximum amount Rs. 25 lakhs

Broad Areas to be covered under the financial assistance include 

  • Product development
  • Testing and Trials
  • Test Marketing 
  • Mentoring
  • Professional Consultancy
  • IPR issues 
  • Manpower for day to day operations
  • Any other area as deemed necessary and recommended by the Seed Support Management Committee

Eligibility Conditions 

  • Incubate should be a registered company in India
  • The startup has to be a physical incubate with minimum of three months of residency at the Incubation Centre.
  • Incubate has to be an Indian start-up. This support is not meant for Indian Subsidiaries of MNCs/foreign companies. Persons holding Overseas Citizens of India (OCI), Persons of Indian Origin (PIO) would be considered as Indian citizens for the purpose of this scheme.
  • The shareholding by Indian promoters in the incubate start up should be at least 51%.
  • The seed support would generally cater to early stage financing for commercialization of the  indigenous ideas , innovations and technologies
  • Early stage startup at SIIC IIT Kanpur is defined as startup with Minimum Viable Product/Revenue Generating/ Committed Revenue

Selection Criteria

  • The team should show potential and credibility for raising second stage funding
  • The team must be willing to share equity in the startup.
  • The startup has to be a physical incubate with minimum of three months of residency at the Incubation Centre.
  • The physically incubated startup should be at the stage of MVP/Revenue Generation/Committed Revenue.

Terms of Seed funding

  • A physical resident startup of the incubation Centre with minimum 3  months residency
  • Investment mode : Equity ownership/ Combination of Equity-Debt/ Debt funding
  • Investment quantum : up to Rs. 100 lakhs
  • CA Certified Utilization Certificate and statement of Expenditure. The expenditure has to be executed as per approved disbursement schedule.
  • Reporting : Monthly reporting to Portfolio Managers, Bi-annual presentation to Seed Fund Committee and submission of Annual Financials/MIS

Downloads

Contact us

Search form

Connect with us

Follow us